The Naira has recorded significant gains against the US dollar in the foreign exchange market.
Data from FMDQ showed that the Naira appreciated to N902.08 per US dollar on Thursday from N931.23 per US dollar on Wednesday.
The figure represents a N29.15 gain or a 3.13 per cent increase in the local currency compared to the N931.23 it closed on Thursday.
However, the Naira toppled at the parallel forex market at N1325 per dollar, representing a 0.38 per cent decrease over what it closed the previous day.
The development comes after Naira slumped for two consecutive days at the forex market.
Meanwhile, data obtained from the official forex window showed that forex turnover at the close of the trading was $176.53 million, representing a 155 per cent increase compared to Wednesday.
The development comes amid the Central Bank of Nigeria’s warning to foreign exchange defaulters.
In a statement on Wednesday by the CBN Acting Director, Corporate Communications Department, Sidi Ali, the bank said it had cleared the entire forex backlog of 14 banks and injected approximately $2 billion across sectors.
Naira bounces back against US dollar at forex market
