The Naira gained at the official market as it traded at N1,255.07 to a dollar on Thursday.
Data from the official trading platform of the FMDQ revealed that the Naira gained N7.78.
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This represents a 0.62 percent appreciation when compared to the previous day’s trading on Wednesday, exchanging at N1,262.85 to a dollar.
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However, the total turnover increased to $138.99 million on Thursday, up from $166.18 million recorded on Wednesday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,294 and N1,200 against the dollar.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supply in the economy to ensure monetary and price stability.
The Currency Operations Department of the CBN is in charge of currency management, through the design, procurement, distribution and supply, processing, reissue, and disposal or disintegration of banknotes and coins.
A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests.
NAN
