Naira records three-day appreciation streak against dollar

The naira has recorded three consecutive days of appreciation against the dollar at the official foreign exchange market amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System.

FMDQ data showed the naira further strengthened to N1, 596.52 per dollar on Wednesday from N1601 exchanged on Tuesday.

This represents a 4.48 gain.

Meanwhile, on the black market, the naira weakened to N1, 620 per dollar on Wednesday from N1, 607 exchanged the previous day.

A comparative analysis of the exchange rate at both FX markets showed that the naira gained N4.48 at the official market and lost N13 in the black market.

The development comes as the CBN sold $876.26m at N1,495 per dollar in its recently launched retail Dutch Auction System to curtail the dollar demand spike.