Dollar slumps as Naira strengthens to N1,553.11

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The Naira continued it’s upward trend on Thursday, strengthening to N1,553.11 against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira gained N12.35, representing a 0.79% appreciation compared to Wednesday’s rate of N1,565.46 per dollar.

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This recent development follows a series of gains, with the Naira trading at N1,579.27 on Tuesday and N1,581.58 on Monday. Speaking on the trend, a financial analyst noted that the Naira’s steady appreciation is a positive sign for the economy. “The Naira’s consistent gains are a welcome development for the Nigerian economy,” the analyst said.

The Naira’s gain was also evident at the start of the week, as it opened with a N4.56 gain after closing the previous week on a bullish note. These gains have been recorded despite the ongoing recapitalisation exercise for Bureau De Change Operators (BDCs), which began on June 3. Industry experts attribute the Naira’s appreciation to improved liquidity in the foreign exchange market. “The recapitalisation of BDCs is expected to further boost the Naira’s value,” an expert said.

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