Naira Appreciates Against Dollar At Official, Black Markets

The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Naira has experienced fluctuations throughout the week.
This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

Source:- Dailypostng