The Naira recorded a significant appreciation against the dollar in the official foreign exchange market on Thursday.
Data from the Nigerian Foreign Exchange Market revealed that the currency strengthened to N1,567 per dollar, improving from N1,608 on Wednesday.
This marks a N41 gain in value compared to the previous official exchange rate of N1,608 per dollar.
Conversely, the Naira depreciated in the black market, closing at N1,715 per dollar on Thursday, a drop of N15 from the N1,700 rate recorded on Tuesday.
This shift comes shortly after the Central Bank of Nigeria announced new foreign exchange interventions at the end of November 2024.
As part of the measures, the apex bank directed banks to adopt the Bloomberg BMatch system for FX trading starting December 2, 2024. Additionally, the CBN raised the minimum FX trading limit from $50,000 to $100,000.
