The naira moved to close at N1,639 on Thursday, November 7, after its lowest fall on Wednesday, November 6.

The currency's recovery comes amid the strong resurgence of the US dollar following Donald Trump's election victory.

The naira plummeted to an all-time low of N1,681 after rising demand for the US dollar in the foreign exchange markets.

Data from the FMDQ Exchange reveals that, willing buyers and willing sellers quoted the dollar at a high of N1,700 and a low of N1,635 per dollar.

Similarly, the naira rose to N1,720 per dollar on Thursday, November 7, in the black market from N1,725 it traded earlier in the week.

A black market dealer, Abbas Yishau, stated that the demand for the US greenback slowed, leading to the naira’s appreciation.

He said: “We did not get many demands for dollars in the past three days. I don’t know if it is because we received more demands the previous week.”

Yishau further stated that they expect the CBN to intervene anytime soon and conduct another round of FX sales.

“We hear rumours that the CBN may sell dollars to dealers soon. If that happens, it will help the naira’s value,” he said.