The Nigerian naira has continued its recent upward trajectory against the US dollar, with the exchange rate showing further improvement. On Thursday, the naira exchanged at N870/$1 in the black market, reflecting another day of positive movement.

Similarly, the official Investors and Exporters (I&E) window witnessed a 1.92% appreciation in the naira’s value, with the currency advancing to N759.86 per dollar, compared to the previous day’s closing rate of N774.77 per dollar on Wednesday. This translates to a gain of N14.91 against the dollar in a single day within the I&E window.

Throughout the trading day, the naira’s value in the I&E FX window fluctuated. It began at N781.66/$1 and experienced ups and downs, reaching a peak of N799/$1 and a low of N740 per dollar, ultimately ending the day at N759.86 per dollar.

Wednesday saw a significant 36.17% decrease in forex supply in the I&E window, as it dropped from $95.79 million to $61.14 million during the intraday market session. This resulted in a loss of $34.65 million in forex turnover.

In the parallel market, the naira’s gains have been notable since the beginning of the week. This movement follows the Central Bank of Nigeria’s announcement of measures to address foreign exchange speculation earlier in the week.

The naira also demonstrated resilience against the British pound, gaining 2.95% from N1185/£1 on Wednesday to N1150/£1 on Thursday.

Additionally, the central bank’s latest data reveals a slight dip in the country’s external reserves. The reserves decreased from $33.845 billion to $33.094 billion as of August 15th, 2023. These fluctuations indicate the ongoing dynamics in Nigeria’s foreign exchange market amid various economic factors and policy interventions.

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