The foreign exchange daily turnover rose by 635.5 percent to $83.41 million on Thursday from $11.34 recorded on Wednesday at the Investors and Exporters (I&E) forex window.
The market closed with Naira weakening by N0.85k as the dollar was quoted at the rate of N387.30k on Thursday compared to N386.45k traded on the previous day, data from FMDQ indicated.
Earlier in the morning, the market opened with an indicative rate of N385/$. This represents N1.04 gain in the value of Naira when compared with N386.04 per dollar opened on Wednesday.
Nigeria’s currency on Thursday strengthened against the dollar across foreign exchange markets after the Central Bank of Nigeria (CBN) resumed dollar sales for school fees and Small and Medium Enterprises (SMEs) on Wednesday.
Naira gained N10 as one dollar was trading at N450 on Thursday as against N460 traded on Wednesday at the black market.
Investigation by BusinessDay showed that liquidity is improving but demand for dollar is low.
At the retail Bureau Naira appreciated by N2.00k per dollar, which was trading at N465 on Thursday from N467 quoted on the previous day.
