“Naira Continues Appreciation Against Dollar at Official FX Market, Strengthens on Parallel Market”
The naira has extended its appreciation against the dollar at the official foreign exchange market. According to data from FMDQ, the naira strengthened by N2.9, trading at N1593.62 per dollar on Thursday, up from N1596.52 on Wednesday.
In addition to its performance at the official market, the naira also gained value on the parallel market, trading at N1610 against the dollar.
This positive trend follows the Central Bank of Nigeria’s recent introduction of the Retail Dutch Auction System. On Wednesday, the apex bank sold $876.26 million to 26 banks at a rate of N1495 per dollar, contributing to the naira’s improved performance across both official and parallel exchange markets.