Naira depreciates against dollar in foreign exchange market

Naira records first appreciation in 2024 against US dollar in foreign exchange market

The naira recorded its first gain of 2024 on Thursday.

According to FMDQ data, the naira traded higher at 895.23 naira to the dollar on Thursday, compared to 1,035.12 naira to the dollar on Wednesday.

This increase means the currency has appreciated by 13.51% from the previous day.

Meanwhile, in the parallel market, the naira edged down to 1,230 naira to the dollar, down 0.81% from Wednesday's offer of 1,220 naira to the dollar.

The move came as foreign exchange trading volume at the close of trading was $68.49 million, down 20.06% from the previous day.

DAILY POST reported that the Federal Government of Nigeria received a $2.25 billion foreign exchange support loan from the African Export-Import Bank just a week ago.

Financial industry experts predicted that the $2.25 billion foreign exchange loan from Afrexim would help stabilize the foreign exchange market.


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