Market News
Naira strengthens against dollar - DAILY POST
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The Naira appreciated significantly against the dollar at the official foreign exchange market on Thursday.
According to the Nigerian Foreign Exchange Market data, the Naira strengthened to N1,567 per dollar on Thursday from N1,608 on Wednesday.
This represents a N41 gain against the dollar compared to the N1608 official exchange rate on Wednesday.
Meanwhile, at the black market, the Naira closed at N1715 per dollar on Thursday from N1700 traded on Tuesday.
This indicated that the Naira dipped by N15 at the close of trading on Thursday.
The development comes as the apex bank at the end of November 2024 announced fresh FX interventions.
Consequently, CBN directed banks to transition to the Bloomberg BMatch system for FX trading from December 2, 2024.
The apex bank set a minimum FX trading limit at $100,000 from $50,000.
