Naira appreciates against US dollar at forex market amid CBN’s interventions

The Naira appreciated against the US dollar on Thursday amid the Central Bank of Nigeria’s recent interventions.

Data from FMDQ showed that the Naira appreciated to N1,498.25 per US dollar on Thursday from N1,503.38 on Wednesday.

This represents an N5.13 or a 0.3 per cent increase compared to N1,503.38 recorded at the close of trading on Wednesday.

Meanwhile, at the parallel market, Naira dropped to N1,575.00 per US dollar on Thursday from N1,545 on Wednesday.

The appreciation at the official market came amid CBN’s introduction of new guidelines on Wednesday, stopping the payout of Personal Travel Allowance, PTA and Business Travel Allowance, BTA in cash.

Similarly, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 per cent of their forex revenue.

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