The Nigerian naira saw a slight recovery on Thursday, October 3, 2024, as dollar supply in the official market surged significantly.
According to data from the FMDQ, based on daily trades on the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by 0.
60%, closing at N1,659.26 per US dollar, compared to N1,669.
15 on October 2, 2024.
While Thursday’s rise in dollar supply offers a positive sign, the currency remains under pressure.
The central bank governor said achieving a strong exchange rate would continue to be hampered as long as the country operates on a monolithic economy.
He said that lifting petrol from the $20bn refinery would ease FX pressure, and the effect would spiral into an economy battling dollar shortages.
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