The naira has maintained steady gain against the United States dollar to the tune of N18 as it exchanged for1,382/$ at the official market.
The naira gain came a day after the local currency recorded major gains at both the official and parallel foreign exchange markets. It closed at the black market at N1,400/dollar on Wednesday.
The summary of the FX trading auction revealed that naira appreciated by 1.3 percent following increased dollar supply at the Nigerian Autonomous Foreign Exchange Market, according to data from the FMDQ Securities Exchange Limited.
The intraday high closed at N1,598 per dollar on Thursday, stronger than N1,620 it closed at on Wednesday. Also, the intraday low strengthened to N1,300/$ on the same day, stronger than N1,350/$1 closed at on the previous day.
The dollar supplied by FX market players increased to $288.47, an increase of $2 or 7.46 percent from $268.29 million recorded on Wednesday from $195.13 million at NAFEM.
In the recent weeks, the naira has gained N500 against the dollar from its record low this year at the unofficial market, as the CBN builds confidence in FX market.
The Presidency has however warned currency speculators to desist from unpatriotic act against the national currency, saying racketeers would have their fingers burnt.
The naira has been gaining lately as speculators begin to dump their dollar stocks, following waning demand by prospective buyers amid CBN clampdowns.
A string of circulars by the Central Bank of Nigeria in recent weeks and months have helped to plug leakages and blocked loopholes previously explored by currency speculators and racketeers.
Meanwhile, President Bola Tinubu has admitted that Nigerians are facing insecurity and economic challenges.
He spoke last night at the Presidential Villa in Abuja while hosting National Assembly members for Iftar to break Ramadan fast.
The president commended the Armed Forces for their sacrifice and vowed to uphold Nigeria’s sovereignty.
He said: “Yes, we are challenged. Security challenges around us, our armed forces are trying, but we will not allow them to undermine the integrity and value of our armed forces.
“We will continue to encourage and fight for our sovereignty, our individual right to exist, and banish poverty from our society.
“The national challenge we face will be over, the economic challenge, we’re about to turn the corner. Our revenue is improving and you can see it reflected in the subnationals. All we have to do is to manage ourselves much better.
“There is light at the end of the tunnel, and Nigeria will smile again. I know you share bread without butter, maybe this time around, we’ll put butter beside your bread.
“The challenges of security will be over, they can’t defeat us; we have to rescue our country. It’s in this freedom and strong determination that we believe we can bring about prosperity to everyone.
“We’re entitled to it and I assure you, you will partake in the prosperity.”
