Naira appreciates significantly against dollar as FX supply rises

The naira appreciated significantly against the dollar in the foreign exchange market as FX supply surged.

Obtained data showed the naira strengthened to N1639.50 against the dollar on Thursday from N1,681.65 exchanged on Wednesday.

Meanwhile, at the black market, the naira depreciated to N1750 per dollar on Thursday from between N1720 and 1735 exchanged on Wednesday.

This comes as FX transaction turnover increased to $244.96 million on Thursday from $196.78 million recorded the previous day.