Naira gains N12.34 against US dollar

The Naira continued its upward trend on Thursday, appreciating to N1,553.11 per dollar at the official foreign exchange market.

According to figures released by the Central Bank of Nigeria (CBN), the local currency appreciated by N12.35, marking a 0.79 per cent increase from Wednesday’s rate of N1,565.46 per dollar.

This latest appreciation follows a consistent positive trajectory throughout the week. On Tuesday, the Naira exchanged at N1,579.27, while Monday’s rate stood at N1,581.58.

Starting the week on a bullish note, the currency also posted a gain of N4.56 at Monday’s market opening.

These improvements coincide with the commencement of the recapitalisation process for Bureau De Change (BDC) operators, which began on June 3.