The Nigerian currency, naira, continued its upward trend against the US dollar at the official foreign exchange market, gaining N2.9 to trade at N1593.62 per dollar on Thursday.
This follows a similar surge on the black market, where the naira strengthened to N1610 per dollar.
Data from FMDQ showed a significant improvement from the N1596.52 exchanged on Wednesday, indicating a positive performance for the naira at both official and parallel markets. The development comes on the heels of the Central Bank of Nigeria’s introduction of the Retail Dutch Auction System on Wednesday.
The apex bank sold $876.26 million to 26 banks at an N1495 per dollar rate, a move aimed at stabilizing the foreign exchange market. The naira’s appreciation is a welcome relief for businesses and individuals who rely on imports, as it is expected to reduce the cost of goods and services.
