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Naira Bounces Back Against US Dollar, Records 19.17 Per Cent Gain At Forex Market

On Thursday, the Naira experienced a significant gain against the US dollar in the official foreign exchange market.

Data from FMDQ showed that the Naira appreciated N874.79 per US dollar on Thursday from N1082.32 against the dollar the previous day.

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The domestic currency appreciated by N207.53 gain or a 19.17% increase to close at N874.79 to a dollar at the close of business compared to N1082.32 per dollar it quoted on Wednesday.

In the past two days, this is the first time the country’s currency has been trading below the N1,000 threshold in the official market.

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Meanwhile, the Naira dropped at the parallel forex market, and the exchange rate depreciated slightly by 0.40 per cent, quoted at N1245/$1 on Thursday.

This development comes as the forex turnover at the close of the trading was $110.41 million, representing a 54.49 per cent decrease compared to the previous day.

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The gain at the official forex market comes after the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.

Starpotter

A Professional blogger and Entertainer. An extremely calm-headed guy.... Maybe naughty. lol

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