The naira appreciated against the US dollar in the official foreign exchange market on Thursday, strengthening to N1,658.57 per dollar from the previous rate of N1,687.52. This marks a notable gain of N28.95 against the greenback.

However, in the black market, the naira saw a slight decline, dropping to N1,755 per dollar from N1,750 the day before. Despite this, the official market showed a positive trend, reversing the depreciation experienced earlier in the week.

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FX transaction turnover also saw a decrease, dropping to $163.66 million on Thursday, compared to $173.29 million on Wednesday. This shift comes after a period of market volatility, with the naira last appreciating against the dollar earlier in the week, on Tuesday.