Naira Gains Strength Against Dollar in Official FX Market

Naira gains strength against the dollar as its appreciation continues in the official FX market. Learn more about the ongoing improvement.

At the official foreign exchange market, there was a persistent increase in value of the naira when compared to the dollar.

On Thursday, according to FMDQ data, the Naira rose by N2.9 against the dollar from Wednesday’s exchange rate of N1596.52 to reach a new rate of N1593.62 per dollar.

OBASANJONEWS24 previously stated that on Thursday, the Naira experienced a boost against the dollar and was able to trade for N1610 in the black market.

On Thursday, it was evident that the naira performed well in both the official and parallel foreign exchange markets.

On Wednesday, the Retail Dutch Auction System was initiated by the Central Bank of Nigeria. The apex bank sold $876.26 million to 26 banks at a rate of N1495 per dollar as reported by them in response to this development.V