Naira appreciates against US dollar across FX markets ahead of Easter break

In a much-needed relief,, the Naira appreciated against the US dollar across the foreign exchange (FX) markets ahead of the Easter break.

The local currency gained strength, thanks to the efforts of the Central Bank of Nigeria (CBN) and its measures to improve liquidity at the official forex market.

According to data from FMDQ Securities Exchange, where naira is officially traded Naira strengthened against its American counterpart at the I&E window on Thursday by 50 kobo or 0.11 per cent to close at N463.25/$1, in contrast to the N463.50/$1 it was exchanged a day earlier.

This happened as dollar supply increased by 35.48 percent or $26.57 million to $101.45 million from the $74.88 million recorded in the previous day.

READ ALSO:Naira records mixed trading day against US dollars

There will be no official trading of forex today April 7 and on Monday, April 10 because of the Easter celebration.

Meanwhile, at the unofficial market, checks show that the value of the Naira appreciated against the United States Dollar at the Peer-to-Peer (P2P) market by N2 to close at N748/$1 compared with Wednesday’s closing rate of N750/$1.

It was similar at the parallel market as the Naira gained N1 against the greenback during the session to finish at N738/$1 compared with the preceding day’s value of N739/$1.

In the interbank segment, the exchange rate of the Naira to the Pound Sterling and the Euro remained unchanged on Thursday at N574.97/£1 and N502.11/€1, respectively.

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