Naira finally appreciates to N1,488.60 against dollar

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The naira appreciated against the dollar in the foreign exchange market.

According to FMDQ data, the naira was exchanged at N1,481.49 for a dollar on Thursday, compared to N1,488.60 on Wednesday.

This represents a slight N7.11 appreciation.


Similarly, in the parallel market section, the currency appreciated to N1,485 against the dollar on Thursday from N1,500 on Wednesday.

The development comes after the naira depreciated for the second consecutive time.

Nigeria?s forex market has continued to experience fluctuations since mid-April 2024, despite the Central Bank of Nigeria?s intervention.

FMDQ securities exchange data showed that the apex bank sold $575 million to banks as an intervention in May 2024.