After FX supply surged Thursday, 7 November, 2024 the naira appreciated significantly against the dollar in the foreign exchange market.
FMDQ data showed the naira strengthened to N1,639.50 against the dollar on Thursday, 7 November, 2024 from N1,681.65 exchanged on Wednesday, 6 November, 2024.
This represents a N42.15 appreciation.
Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday, 7 November, 2024 from between N1720 and 1735 exchanged on Wednesday.
This comes as FX transaction turnover increased to $244.96 million on Thursday, 7 November, 2024 from $196.78 million recorded the previous day.
In the end, the naira had maintained fluctuations against the dollar despite interventions by the Central Bank of Nigeria(CBN).
