Naira Strengthens Against Dollar at Official Market, Weakens in Black Market

The Naira recorded a significant appreciation against the dollar in the official foreign exchange market on Thursday.

Data from the Nigerian Foreign Exchange Market showed that the Naira strengthened to N1,567 per dollar, improving by N41 from Wednesday’s official exchange rate of N1,608 per dollar.

In contrast, the Naira depreciated in the black market, closing at N1,715 per dollar on Thursday, compared to N1,700 per dollar on Tuesday. This marks a decline of N15 in value.

The development follows the Central Bank of Nigeria’s (CBN) announcement of fresh foreign exchange (FX) interventions at the end of November 2024.

As part of these measures, the CBN directed banks to adopt the Bloomberg BMatch system for FX trading starting December 2, 2024, and raised the minimum FX trading limit from $50,000 to $100,000.

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