The naira recorded massive gains, the highest in months, to continue its appreciation streak against the dollar on the foreign exchange market.
FMDQ data showed that the naira rose to N1,485.95 per dollar on Thursday from N1,510.72 exchanged on Wednesday. This showed that the Nigerian currency significantly strengthened by N24.77.
On the black market, the naira traded at N1,630 per dollar on Thursday, down from N1,623 on Wednesday.
The naira has waxed strong on the FX market in recent days as the Central Bank of Nigeria recently introduced the FX Code.
Media Talk Africa reports that the last time the naira stayed below the N1,500 per dollar mark at the official FX market was around February and March 2024, when it was praised as the best-performing currency.
