Economy
Naira Appreciates After CBN Intervention in FX Market
The naira recorded a significant appreciation against the dollar following the Central Bank of Nigeria’s (CBN) intervention in the foreign exchange market. Just 24 hours after the CBN sold foreign exchange to Bureau De Change (BDC) operators, the naira saw a notable recovery.
According to data from FMDQ, the naira strengthened by N91.32, rising to N1576.10 per dollar on Thursday, up from N1667.42 per dollar on Wednesday.
Similarly, the black market witnessed a slight improvement, with the naira trading at N1695 per dollar on Thursday, compared to N1705 on Wednesday.
This development comes after the naira had experienced a steep decline, losing N104.76 to the dollar earlier in the week at the official FX market.
On Wednesday, the CBN announced that it had sold $20,000 to each eligible BDC at a rate of N1590 per dollar, a move aimed at stabilizing the currency amidst rising demand in the market.
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