Naira Records Massive Gains, Appreciates to N1,485.95 Per Dollar

• The naira has recorded significant gains against the dollar on the foreign exchange market, appreciating by N24.77.

•  According to FMDQ data, the naira rose to N1,485.95 per dollar on Thursday, its highest value in months.

•  The naira’s appreciation streak is attributed to the Central Bank of Nigeria’s recent introduction of the FX Code.

The Nigerian currency, naira, has continued its appreciation streak against the dollar on the foreign exchange market, recording its highest gain in months.

According to data from FMDQ, the naira rose to N1,485.95 per dollar on Thursday, appreciating by N24.77 from N1,510.72 exchanged on Wednesday.

This significant gain marks a notable improvement in the naira’s value, which has been on an upward trend in recent days.

READ ALSO: Naira Strengthens Against Dollar In Parallel, Official Markets

The last time the naira stayed below the N1,500 per dollar mark at the official FX market was around February and March 2024, when it was praised as the best-performing currency.

The naira’s appreciation streak is attributed to the Central Bank of Nigeria’s recent introduction of the FX Code.

On the black market, the naira traded at N1,630 per dollar on Thursday, down from N1,623 on Wednesday.

Naira Strengthens Further Against Dollar for Second Consecutive Day

The naira has continued its upward trend against the dollar, appreciating for the second consecutive day at the foreign exchange market.

According to data from FMDQ, the naira strengthened to N1,510.72 against the dollar on Wednesday, up from N1,522.28 on Tuesday, gaining N11.58