Naira gains N126 against dollar in 48-hour

The Naira gained N126.64 against the dollar at the official foreign exchange market in 48 hours.

FMDQ data showed that between Thursday and Friday, the Naira appreciated to N1540.78 per dollar on Friday from N1667.42 on Wednesday.

This represents an N126.64 appreciation against the dollar between Thursday and Friday compared with the N1667.42 exchange rate on Wednesday.

On a week-on-week basis, the Naira appreciated slightly compared to the N1541.52 exchange last week Friday at the official market.

The gain means that the Naira responded positively at the official FX market to the intervention of the Central Bank of Nigeria in the week under review.

CBN had sold foreign currency to legible Bureau De Change operators at N1590 per dollar on Wednesday.

Despite CBN's intervention on BDCs, the Naira depreciated to N1700 per dollar at the black market on Friday compared to N1663 exchanged last week.