Naira appreciates against dollar amid surge in FX transactions

The naira experienced a notable appreciation against the dollar in the official foreign exchange market on Thursday, driven by an increase in FX transactions.

According to data from FMDQ, the naira strengthened to N1,659.26 per dollar, up from N1,669.19 on Wednesday, marking a N9.93 gain against the dollar.

In the parallel market, the naira also gained ground, closing at N1,680 per dollar, a N10 improvement from the previous day’s rate of N1,690.

This positive shift comes as total daily foreign exchange transaction turnover surged to $450.39 million on Thursday, a significant increase from $176.45 million on Wednesday.

This upward trend follows a period of losses for the naira in the official FX market over the past two days, highlighting the volatility and rapid changes in Nigeria’s currency exchange landscape.