Naira appreciates at official market amidst CBN’s digital currency plan

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Factual Pursuit of Truth for Progress

 

Naira appreciated against the US dollar on Thursday to close at N411.63/$1 implying a 4 kobo gain when compared to N411.67/$1 recorded on Monday.

The naira remained stable at the parallel market to the US dollar at an exchange rate of N503/$1.

However, the dollar supply at the official forex market dropped by 18.1% on Thursday to stand at $137.83 million as external reserve continues its rebound.

Also, an earlier report said the apex bank has concluded plans to launch the pilot scheme of its digital currency by October.

At the official NAFEX window, the Naira appreciated against the US dollar at the Investors and Exporters window on Thursday to close at N411.63/$1 as against the N411.67/$1 recorded on Monday.

The opening indicative rate stood at N411.57/$1 on Thursday, representing a 47 kobo drop when compared to N411.10/$1 recorded in the previous trading session.

An exchange rate of N412.78/$1 was the highest rate recorded during intra-day trading before it settled at N411.63/$1, while it sold for as low as N403.22/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window dropped by 18.1% on Thursday.

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