The naira saw a significant appreciation against the dollar on Thursday, driven by an increase in foreign exchange supply.
According to FMDQ data, the naira strengthened to N1644.86 on Thursday, up from N1660.83 on Wednesday. This marks a N15.97 gain against the dollar compared to the previous day’s exchange rate.
However, in the black market, the naira remained unchanged at N1750 per dollar on Thursday, consistent with the rate on Wednesday.
Meanwhile, FX transaction turnover surged to $560.34 million on Thursday, up from $337.03 million the day before.
This improvement comes after the Central Bank of Nigeria implemented its latest FX interventions, introducing a minimum trade of $100,000 through its new Electronic Foreign Exchange Matching System (EFEMS).
Despite the CBN’s intervention in recent months, fluctuations in the naira’s value against the dollar have continued.