The Nigerian Naira experienced a significant surge on Thursday, gaining 2.5% against the US Dollar at the official market.
According to data from the FMDQ Exchange, the Naira traded at N1,639.50 to the dollar, representing a gain of N42.15 compared to Wednesday’s rate of N1,681.65.
This upward trend also led to an increase in total daily turnover, reaching $244.96 million, up from $196.78 million recorded on Wednesday.
The Naira’s volatility was evident at the Investor’s and Exporter’s (I&E) window, where it traded within a range.
Market analysts attribute the Naira’s appreciation to increased foreign exchange supply and cautious trading by investors.
However, the currency’s value remains susceptible to fluctuations due to various economic factors.
The Central Bank of Nigeria (CBN) has been working to stabilise the Naira, implementing policies to boost foreign exchange earnings and reduce demand.
Thursday’s gain offers a glimmer of hope for the Nigerian economy, but sustained stability remains a priority.
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