Naira Strengthens to N1,488.60 Against Dollar

The naira strengthened against the dollar in the forex market.

Data from FMDQ revealed that on Thursday, the naira traded at N1,481.49 per dollar, an improvement from N1,488.60 on Wednesday.

This marks a modest appreciation of N7.11.

Similarly, in the parallel market, the naira rose to N1,485 per dollar on Thursday, up from N1,500 on Wednesday.

This development follows a recent dip in the naira’s value for two consecutive sessions.

Nigeria’s forex market has seen fluctuations since mid-April 2024, despite interventions by the Central Bank of Nigeria.

According to FMDQ securities exchange data, the central bank sold $575 million to banks as part of its intervention efforts in May 2024.