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Naira records first gain in 2024 against US dollar at forex market

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The Naira on Thursday recorded its first gain in 2024.

Data from FMDQ showed that the Naira appreciated and traded at N895.23 per US dollar on Thursday compared to N1,035.12 per US dollar on Wednesday.

The gain represented currency appreciated 13.51 per cent against the previous day’s figure.

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Meanwhile, at the parallel market, the Naira dropped marginally to exchange at N1230/$1, representing a 0.81 per cent decline from the N1,220 per dollar it quoted on Wednesday.

The development comes as forex turnover at the close of the trading was $68.49 million, representing a 20.06 per cent decrease compared to the previous day.

DAILY POST reported that the Nigerian federal government received the $2.25 billion foreign exchange support loan from the African Import-Export Bank barely a week ago.

Experts within the financial sector predicted that a $2.25 billion forex loan from Afrexim would help stabilize the FX market.

 


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