Naira appreciates significantly against dollar as FX supply rises

The Naira recorded its first appreciation against the dollar at the foreign exchange market since Friday last week as FX supply increased.

FMDQ data showed that the Naira strengthened to N1,601.20 per dollar on Thursday from N1,654.09 exchanged on Wednesday.

This represents a significant N52.89 gain against the dollar compared to the N1,654.09 exchange rate the previous day.

Meanwhile, at the black market, the Naira dropped to N1,735 per dollar on Thursday from N1,730 traded on Wednesday.

The development comes as FX transaction turnover increased to $230.99 million on Thursday from $136.68 million the previous day.

DAILY POST recalls that since Monday this week, the Naira had dropped at least N52 per dollar at the official market.