After a dip on Monday and Tuesday, the naira continued its recovery on Thursday when it gained N3.99 at the close of trading in the official foreign exchange (FX) market.
This, according to Daily Independent, is coming on the back of an increased supply by the Central Bank of Nigeria ( CBN) to address demand for payments in US dollars.
According to data from the FMDQ platform, the naira appreciated by N3.99 in the official window, closing at N1,548.59 per dollar.
At the previous trading day on Wednesday, the naira appreciated by N2.20 after it closed at 1552.58 per dollar.
Meanwhile, stakeholders are waiting for the official unveiling of the Nigerian Foreign Exchange (FX) Code by the CBN next week.
The FX code, Daily Independent learnt, will boost transparency in the forex market.
The FX code serves as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market (NFEM).
“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN said in a notice published on its website.
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