The Naira recorded its first appreciation against the dollar at the foreign exchange market since Friday last week as FX supply increased.
According to data from FMDQ, the Naira strengthened to ₦1,601.20 per dollar on Thursday from ₦1,654.09 exchanged on Wednesday.
This represents a significant ₦52.89 gain against the dollar compared to the ₦1,654.09 exchange rate the previous day.
Meanwhile, at the black market, the Naira dropped to ₦1,735 per dollar on Thursday from ₦1,730 traded on Wednesday.
The development comes as FX transaction turnover increased to $230.99 million on Thursday from $136.68 million the previous day.
Recall, the Naira experienced a ₦52 loss over 48hrs earlier in the week.
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