FMDQ data has shown that the Naira has appreciated against the Dollar for three consecutive days at the foreign exchange market amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System.
The Naira strengthened to N1,596.52 per Dollar on Wednesday from N1601 exchanged on Tuesday, representing a 4.48 gain.
Meanwhile, in the parallel market, the Naira dipped to N1,620 per Dollar on Wednesday from N1,607 exchanged the previous day.
According to a comparative analysis of the exchange rate at both FX markets, The Nigerian currency gained N4.48 at the official market and lost N13 in the black market.
This comes after the Central Bank of Nigeria (CBN) sold $876.26 million at N1,495 per Dollar in its recently launched retail Dutch Auction System to curb the surge in dollar demand.