Naira bounces back, appreciates against dollar

The naira returned to appreciation against the dollar at the official foreign exchange market on Thursday.

Central Bank of Nigeria exchange data showed that the Naira strengthened marginally to N 1,533.55 per dollar on Thursday, up from N 1,534.52 traded on Wednesday.

This means that at the official market, the Nigerian currency, Naira, slightly gained N0.97 against the dollar on a day-to-day basis.

Meanwhile, at the black market, the Naira dropped significantly to N1,560 per dollar on Thursday from N1,545 the previous day. The decline at the parallel foreign exchange market represents N15.

A Bureau De Change operator in Wuse Zone, Abuja, Abubakar Hassan, attributed the drop in the naira against the dollar to increased demand for FX on Thursday.

DAILY POST reports that on Wednesday, the Naira depreciated for the first time at the official FX market but remained flat at the black market.

Naira bounces back, appreciates against dollar