The Nigerian naira continued its upward trend against the US dollar on Thursday, appreciating N1,382/$ at the official market, marking a gain of N18 compared to the previous day.
This positive development coincided with a cautionary statement from the Presidency directed at currency speculators, warning them against engaging in activities detrimental to the national currency. The Presidency emphasized that those involved in such practices would face consequences for their actions.
The naira’s appreciation followed a day of significant gains in both the official and parallel foreign exchange markets. At the parallel market, it closed at N1,400/$ on Wednesday.
Data from the FMDQ Securities Exchange Limited indicated that the summary of the FX trading auction showed a 1.3 per cent appreciation of the naira, attributed to increased dollar supply at the Nigerian Autonomous Foreign Exchange Market.
On Thursday, the intraday high stood at N1,598 per dollar, an improvement from the N1,620 recorded on Wednesday. Similarly, the intraday low strengthened to N1,300/$, compared to N1,350/$ the previous day.
The number of dollars supplied by FX market players rose to $288.47 million, representing a 7.46 per cent increase from the $268.29 million recorded on Wednesday and a significant rise from the $195.13 million at the Nigerian Autonomous Foreign Exchange Market.
In recent weeks, the naira has shown resilience, gaining N500 against the dollar from its record low this year in the unofficial market. The Central Bank of Nigeria’s efforts to bolster confidence in the FX market have contributed to this positive trend.
