Naira appreciates against dollar first time since last week

The naira appreciated against the dollar at both official and parallel foreign exchange markets for the first time since last week.

FMDQ data showed that the naira appreciated marginally to N1,554.65 against the dollar on Thursday from N1,561.98 traded Wednesday.

This represents an N7.33 gain against the dollar compared to the N1,561.98 traded the previous day.

Similarly, at the parallel exchange market, the naira appreciated to N1,550 on Thursday from N1,560 traded on Wednesday.

The development comes as foreign currency transaction turnover hit $348.82 million on Thursday, according to FMDQ data.

Since last Friday, the naira has recorded depreciation, losing N52.31 in the reference period.

Earlier, DAILY POST reported that the external reserves reached a one-year high of $35.05 billion as of Monday, July 8, 2024.