Data from FMDQ revealed that the Naira strengthened against the US dollar, reaching N1,498.25 per dollar on Thursday, up from N1,503.38 on Wednesday. This marks a 0.3% increase, reflecting the impact of the Central Bank of Nigeria’s recent interventions.
In contrast, the Naira declined to N1,575.00 per US dollar at the parallel market on Thursday, down from N1,545 the day before.
The appreciation at the official market coincided with the Central Bank’s new guidelines, which included the cessation of cash payouts for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). Additionally, the apex bank halted International Oil Companies (IOCs) operating in Nigeria from repatriating 100% of their forex revenue.
