Despite the ongoing nationwide protests against bad governance, the Naira has continued to appreciate against the dollar in the foreign exchange market.
Both the official and parallel foreign exchange markets have witnessed a significant increase in the value of the Naira.
According to FMDQ data, the Naira saw a substantial appreciation to N1570.00 against the dollar on Thursday, up from N1608.73 on Wednesday.
This translates to a gain of N38.73 against the dollar compared to the previous exchange rate of N1608.73.
Similarly, in the black market, the Naira’s value rose to N1600 per dollar on Thursday, up from N1610 the day before.
These consecutive gains indicate that the Naira has strengthened against the dollar in the FX market over the past two days.
Recent reports from NewsNow show that the Naira has gained N51.12 against the dollar in the last 48 hours.
Interestingly, despite the hunger protests that took place in major states in Nigeria on Thursday, resulting in the closure of banks and businesses, the Naira’s value continued to rise.