The naira gained ground against the dollar at the official foreign exchange market on Thursday, appreciating to N1,658.57 per dollar, compared to Wednesday’s rate of N1,687.52. This marks a gain of N28.95 at the official exchange rate, as reported by FMDQ.
However, the currency showed a contrasting trend in the black market, where it depreciated slightly. The naira fell to N1,755 per dollar on Thursday, compared to N1,750 recorded the previous day.
Drop in FX Turnover
The changes come amid a decline in FX transaction turnover, which dropped to $163.66 million on Thursday from $173.29 million on Wednesday. This reflects reduced activity in the forex market, potentially contributing to the volatility in exchange rates.
Recent Trends
Earlier in the week, the naira faced depreciation at both the official and black market levels. Thursday’s gain at the official market marks a rebound, the first since Tuesday.
