The Nigerian naira saw a slight recovery on Thursday, driven by a significant surge in dollar supply in the official market.
According to FMDQ data from daily trades on the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by 0.60%, closing at N1,659.26 per US dollar, up from N1,669.15 on October 2, 2024.
This recovery followed a sharp depreciation the day before, when the naira fell to N1,669.15, representing an 8.25% drop from N1,541, the rate recorded on the last trading day of September.
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Since dipping below the N1,600 mark in July, the naira has faced ongoing market volatility, fluctuating between N1,500 and N1,600 as it searches for stability, especially during periods of dollar weakness.
On Thursday, FX turnover surged by 147.66%, rising from $181.86 million to $450.39 million—the largest single-day turnover since May 24, 2024, when $556.25 million was recorded.
This boost in liquidity contributed to the naira’s modest appreciation, offering temporary relief to a currency that has struggled in recent months.
In September, the naira’s movements stagnated as it sought balance amid turbulent market conditions.
While Thursday’s increase in dollar supply is a positive sign, the currency continues to face pressure.
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