Naira appreciates by N126 against the dollar within 48 hours.

The Naira strengthened by N126.64 against the dollar in the official foreign exchange market within a 48-hour period.

Data from the FMDQ revealed that the Naira rose to N1540.78 per dollar on Friday, up from N1667.42 on Wednesday.

This marks an appreciation of N126.64 against the dollar from Thursday to Friday, relative to the N1667.42 exchange rate recorded on Wednesday. Week-on-week, the Naira also saw a slight increase compared to last Friday’s rate of N1541.52 in the official market.

This gain indicates a positive response from the Naira at the official FX market to the Central Bank of Nigeria’s intervention during the week.

The CBN had sold foreign currency to eligible Bureau De Change operators at a rate of N1590 per dollar on Wednesday.

However, despite the CBN’s intervention with BDCs, the Naira depreciated in the black market, trading at N1700 per dollar on Friday, compared to N1663 from the previous week.