The naira recorded a significant gain against the United States dollar at the official foreign exchange market on Thursday, according to data from the FMDQ.
The naira strengthened to ₦1,658.57 per dollar, up from ₦1,687.52 on Wednesday. This represents a ₦28.95 gain against the dollar, marking a positive turn for the local currency.
However, the naira’s fortunes were reversed at the black market, where it fell to ₦1,755 per dollar on Thursday, down from ₦1,750 the previous day.
Meanwhile, foreign exchange transaction turnover declined by $163.66 million at the close of Thursday, down from $173.29 million on Wednesday.
This development comes on the heels of the naira’s depreciation at both official and black foreign exchange markets on Wednesday. The naira had last gained against the dollar at the official market on Tuesday.
