The Naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday, December 12, 2024.
According to data from FMDQ, the Naira strengthened to N1,534.35/$1 on Thursday, compared to N1,545/$1 traded the previous day.
This represents an appreciation of N11 against the American greenback. Similarly, in the black market, the Naira closed at N1,680/$1 as against the N1,710/$1 recorded the previous day.
The appreciation follows the Central Bank of Nigeria’s recent launch of the Electronic Foreign Exchange Matching System (EFEMS) to eliminate distortion and bring transparency to the FX market.
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