Nigeria’s exchange rate has recorded best gain in two weeks, as it closed at N1,570/$1 on Thursday.
Gatekeepers News reports that naira surged to N1,570/$1 on Nigerian Autonomous Foreign Exchange Market (NAFEM) window, marking an increase of 2.47% from previous day’s rate of N1,608.73/$1.
This is the highest one-day increase since July 22, 2024, when Central Bank of Nigeria (CBN) decided to resume selling foreign exchange (FX) to authorized dealers.
Data on FMDQ reveals that local currency has closed below N1,600 ceiling, which it crossed about a week ago.
Naira traded at a low of N1,551 and a high of N1,631, still showing signs of volatility. It is however gradually recovering from the huge loss recorded last week, achieving a six-day losing streak on Wednesday when it appreciated by 0.77%.
Local currency seems to be on a recovery path, yet FX turnover appears to be unstable. While it rose by 62.81% on Wednesday to $270.81 million, it crashed on Thursday, the day youths embarked on #EndBadGovernment protest.
Also, Nigeria’s FX turnover dropped by 47.45% to $142.32 million, insinuating there is low trading activity or a low supply of dollars on official market.
