On Thursday, the Naira experienced a significant appreciation against the dollar in the official foreign exchange market.
Data from the Nigerian Foreign Exchange Market revealed that the Naira strengthened to N1,567 per dollar, improving from N1,608 on Wednesday. This marks a gain of N41 against the dollar compared to the previous day’s official rate.
In contrast, the Naira weakened in the black market, closing at N1,715 per dollar on Thursday, a decline from the N1,700 rate on Tuesday, reflecting a decrease of N15 by the end of trading.
This shift follows the apex bank’s announcement of new FX interventions at the end of November 2024.
Consequently, the Central Bank of Nigeria instructed banks to switch to the Bloomberg BMatch system for FX trading starting December 2, 2024, and set a new minimum FX trading limit of $100,000, up from the previous limit of $50,000.