Naira Appreciates To N1,539.65/$1 On Official Market

The naira strengthened on the official market on Wednesday, closing at N1,539.65/$1 compared to N1,656.49/$1 on Tuesday, data from FMDQ shows.

The local currency also appreciated on the parallel market yesterday, as it traded at N1,655 per dollar compared to N1,660/$1 on the previous day.

New Telegraph reports that despite the Central Bank of Nigeria (CBN) stepping up its interventions in the forex market between July and August, in its bid to ensure exchange rate stability, the naira has been pressure in recent weeks.

For instance, data obtained from FMDQ shows that local currency depreciated on the official market to N1,611.34/$1, N1,625.88/$1 and N1,639.41/$1 on Tuesday, Wednesday and Thursday respectively.