After falling to N1,681 the previous day, the naira gained value on Thursday, closing at N1,639 to the dollar.

The local currency hit an all-time high of 1,681 following increased demand in the foreign exchange market.

Spot data from the FMDQ platform, quoting the Nigerian Autonomous Foreign Exchange Market (NAFEM) indicated that the naira appreciated by N50 representing over three per cent.

The Central Bank of Nigeria (CBN) has made relentless efforts to defend the naira but market dynamics especially the increased demand have seen the local currency depreciating against the dollars.

However, this is despite the fact that the foreign reserves have received a boost in recent times with about $40bn.