Naira Strengthens Against Dollar in Latest FX Market Movement

The naira appreciated against the US dollar in the official foreign exchange market on Thursday, strengthening to N1,658.57 per dollar from the previous rate of N1,687.52. This marks a notable gain of N28.95 against the greenback.

However, in the black market, the naira saw a slight decline, dropping to N1,755 per dollar from N1,750 the day before. Despite this, the official market showed a positive trend, reversing the depreciation experienced earlier in the week.

ALSO READ: Naira May Fall to N1,993 per Dollar by 2028, Posing Major Challenge to Nigeria’s Health Sector

FX transaction turnover also saw a decrease, dropping to $163.66 million on Thursday, compared to $173.29 million on Wednesday. This shift comes after a period of market volatility, with the naira last appreciating against the dollar earlier in the week, on Tuesday.