Naira Appreciates Significantly Against Dollar

November 8, 2024

Naira Appreciates Significantly Against Dollar

The naira appreciated significantly against the dollar in the foreign exchange market as FX supply surged.

FMDQ data showed the naira strengthened to N1639.50 against the dollar on Thursday from N1,681.65 exchanged on Wednesday.

This represents a N42.15 appreciation.

Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday from between N1720 and 1735 exchanged on Wednesday.

This comes as FX transaction turnover increased to $244.96 million on Thursday from $196.78 million recorded the previous day.

In the end, the naira had maintained fluctuations against the dollar despite interventions by the Central Bank of Nigeria.

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