Thursday, October 3, 2024 saw the Nigerian naira record a slight recovery, appreciating by 0.60% as dollar supply surged in the official market.
Data from the FMDQ indicated that the naira closed at ₦1,659.26 per US dollar, compared to ₦1,669.15 on October 2, 2024. This follows a significant depreciation the previous day, when the naira had dropped by 8.25%, closing at ₦1,669.15 from ₦1,541 recorded at the end of September.
The naira has faced ongoing volatility since falling below the ₦1,600 threshold in July, fluctuating between ₦1,500 and ₦1,600 in search of stability. On Thursday, FX turnover surged by 147.66%, from $181.86 million to $450.39 million, the largest single-day turnover since May 24, 2024, when $556.25 million was recorded.
This boost in liquidity contributed to the naira’s modest appreciation, offering temporary relief to the currency, which has struggled in recent months.
However, despite this increase in dollar supply, the naira remains under significant pressure amid ongoing market challenges.
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