The naira appreciates against the US dollar amid CBN interventions in the forex market

The naira strengthened against the US dollar on Thursday amid recent interventions by the Central Bank of Nigeria.

FMDQ data showed that the naira rose to N1,498.25 to the dollar on Thursday from N1,503.38 on Wednesday.

This represents an increase of N5.13 or 0.3 percent from N1,503.38 at the close of trading on Wednesday.

Meanwhile, in the parallel market, the naira on Thursday fell to N1,575.00 to the dollar from N1,545 on Wednesday.

Appreciation in the official market came amid the introduction of new guidelines by the CBN on Wednesday, suspending cash payments of Personal Travel Allowance, PTA and Business Travel Allowance, BTA.

Similarly, the apex bank stopped International Oil Companies (IOCs) operating in Nigeria from repatriating 100 percent of their forex earnings.

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