Naira is appreciating in the FX market
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.
