The Nigerian Naira saw a notable appreciation against the US Dollar in the foreign exchange market on Thursday, driven by an increase in FX supply.
According to FMDQ data, the Naira strengthened to ₦1644.86 on Thursday from ₦1660.83 on Wednesday. This marks an appreciation of ₦15.97 against the dollar compared to the previous day.
However, in the black market, the Naira remained stable at ₦1750 per dollar on both Wednesday and Thursday.
This improvement comes as FX transaction turnover rose to $560.34 million on Thursday, up from $337.03 million the previous day.
Additionally, the Central Bank of Nigeria recently announced new FX interventions, setting the minimum trade amount at $100,000 through its new Electronic Foreign Exchange Matching System (EFEMS).
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