On Thursday, the Naira registered its first gain in 2024, according to data from FMDQ. The Naira appreciated, trading at N895.23 per US dollar compared to N1,035.12 per US dollar on Wednesday. This marked a significant gain of 13.51% against the previous day’s exchange rate. However, at the parallel market, the Naira experienced a marginal drop, exchanging at N1230/$1, indicating a 0.81% decline from the N1,220 per dollar quoted on Wednesday.
The forex turnover at the close of trading was $68.49 million, reflecting a 20.06% decrease compared to the previous day. GOLDENNEWS reported that the Nigerian federal government had recently received a $2.25 billion foreign exchange support loan from the African Import-Export Bank, and experts in the financial sector anticipated that this loan would contribute to stabilizing the FX market.
In related news, it was mentioned that the Naira’s strengthening might be linked to factors such as the foreign exchange loan and the overall performance of the economy. The article also highlighted other trending topics, including the UK firm setting a new exchange rate for the Naira against the dollar and warnings from the Central Bank of Nigeria about the circulation of counterfeit Naira notes.
