Naira is performing well in the foreign exchange market as it appreciated significantly against the dollar this week.
Though this may be due to a surge in the FX supply as the FMDQ data showed that naira strengthened to N1639.50 against the dollar on Thursday from N1,681.65 exchanged on Wednesday.
This represents a N42.15 appreciation.
Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday from between N1720 and 1735 exchanged on Wednesday.
This comes as FX transaction turnover increased to $244.96 million on Thursday from $196.78 million recorded the previous day.
In the end, the naira had maintained fluctuations against the dollar despite interventions by the Central Bank of Nigeria.
No comments:
Post a Comment