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Naira Watch

Naira appreciates across markets

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

After two days of losses, Nigeria’s currency on Wednesday reversed the losses as it appreciated across foreign exchange markets.

Data from the FMDQ indicated that Naira strengthened at the Investors and Exporters (I&E) forex window by 0.12 per cent as the dollar was quoted at N420.25/$ compared with N420.75 per dollar quoted on Tuesday.

Read also: Bureaux De Change operators offer to end multiple exchange rates as Naira sells for N615/$1

The naira appreciation followed a moderation in demand for dollars by the end-users as only $82.60 million was traded compared to the previous days‘ high of over $100 million.

The local currency also firmed at the parallel market popularly known as the black market, gaining N2 to close at N604 per dollar as against N606 per dollar closed on the previous day.

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