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| Naira strengthens to N1,488.60 versus dollar |
The naira saw an uptick against the dollar in the foreign exchange market.
FMDQ figures indicate that the naira traded at N1,481.49 to a dollar on Thursday, an improvement from N1,488.60 on Wednesday.
This marks a modest N7.11 gain.
In a similar vein, the currency saw an increase to N1,485 compared to the dollar on Thursday, up from N1,500 on Wednesday in the parallel market.
This uptrend follows a period of depreciation for the naira.
Despite interventions by the Central Bank of Nigeria, the Nigerian forex market has been subject to volatility since mid-April 2024.
Data from the FMDQ securities exchange reveals that the central bank provided $575 million to banks in an intervention during May 2024.
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