Naira appreciates after CBN intervention

The naira appreciated massively against the dollar in the foreign exchange market 24 hours after the Federal Bank of Nigeria sold FX to operators of Bureau De Change, BDC.

FMDQ data showed that the naira gained N91.32 to appreciate to N1576.10 per dollar on Thursday from N1667.42 exchanged on Wednesday.

Similarly, on the black market, the naira dropped to N1695 per dollar on Thursday from N1705.

This comes after the naira weakened by N104.76 against the dollar on Tuesday and Wednesday at the official FX market.

the apex bank on Wednesday announced that it sold $20,000 to each legible BDC at N1590 per dollar.