In a remarkable turnaround, the Naira showcased a substantial surge against the US dollar in the official foreign exchange market on Thursday.
According to data from FMDQ, the Naira strengthened to N874.79 per US dollar on Thursday, marking a significant improvement from its position of N1082.32 against the dollar the day before.
This surge reflects a noteworthy gain of N207.53 or a remarkable 19.17% increase, concluding the day at N874.79 to a dollar. This marks the first time in the past two days that the country’s currency has traded below the N1,000 threshold in the official market.
In contrast, the Naira faced a dip in the parallel forex market, experiencing a marginal depreciation of 0.40%, settling at N1245/$1 on Thursday.
This development coincided with a decrease in forex turnover, closing at $110.41 million, representing a 54.49% decline compared to the previous day.
The resurgence in the official forex market follows the Nigerian government’s receipt of a substantial $2.25 billion foreign exchange boost loan from the African Import-Export Bank just over a week ago.ChatGPT can make mistakes. Consider checking important information.