The Naira made a notable recovery, gaining ₦126.64 against the dollar at the official foreign exchange market within 48 hours.
FMDQ data revealed that by Friday, the Naira appreciated to ₦1540.78 per dollar, up from ₦1667.42 on Wednesday.
This increase reflects a significant boost in value within just two days. On a week-on-week basis, the Naira showed a slight appreciation, trading at ₦1540.78 on Friday compared to ₦1541.52 the previous week.
The improvement is attributed to the Central Bank of Nigeria’s (CBN) intervention, which included selling foreign currency to eligible Bureau De Change (BDC) operators at ₦1590 per dollar on Wednesday.
However, despite the CBN’s intervention, the Naira weakened in the parallel market, where it depreciated to ₦1700 per dollar on Friday, compared to ₦1663 the previous week.
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