The value of the naira increased significantly against the dollar in the foreign exchange market on Thursday due to an increase in FX supply.
As reported by FMDQ data, the naira appreciated from N1660.83 on Wednesday to N1644.86 on Thursday, indicating a gain of N15.97 against the dollar compared to the previous day's exchange rate.
In contrast, the black market rate for the naira remained stable at N1750 per dollar on Thursday, consistent with the rate observed on Wednesday.
Additionally, FX transaction turnover surged to $560.34 million on Thursday, a significant increase from the $337.03 million recorded the day before.
It is crucial to acknowledge that the Central Bank of Nigeria has recently implemented new foreign exchange interventions. These interventions include the establishment of a minimum trade requirement of $100,000 within the Electronic Foreign Exchange Matching System (EFEMS).
Despite these implemented measures, fluctuations in the value of the naira against the dollar have persisted in recent months.