The naira strengthened against the dollar at the official foreign exchange market for the first time this week. Data from FMDQ indicated that the naira increased by N0.47, reaching N1,541.23 per dollar on Thursday, up from N1,541.70 the day before. Additionally, the naira held steady at N1,660 per dollar on Thursday, the same rate as the previous day. This change comes as the CBN announced on Thursday that it would immediately suspend approvals for extending the repatriation of export proceeds. DAILY POST notes that the naira had been declining against the dollar for the past three days earlier this week.
