The Nigerian Naira experienced an increase in its value following the intervention of the Central Bank of Nigeria (CBN).

The naira experienced a significant appreciation against the dollar in the foreign exchange market just 24 hours after the Central Bank of Nigeria provided foreign exchange to Bureau De Change (BDC) operators.

According to FMDQ data, the naira strengthened by N91.32, rising to N1576.10 per dollar on Thursday, compared to N1667.42 on Wednesday.

In the parallel market, the naira also improved, decreasing to N1695 per dollar on Thursday from N1705.

This follows a decline of N104.76 against the dollar in the official FX market on Tuesday and Wednesday.

It is noteworthy that the central bank announced on Wednesday that it sold $20,000 to each eligible BDC at a rate of N1590 per dollar.