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Naira Watch

Naira appreciates against US dollar across markets



Nigeria’s currency, the Naira put on an impressive performance against the US dollar across the foreign exchange markets on Wednesday.

At the official market, FMDQ securities reports that the local currency appreciated against the greenback by 30 Kobo or 0.06 percent to sell at N461.70/$1 yesterday, in contrast to the N462.00/$1.

Forex transactions valued at $109.82 million were carried out during the session, $2.22 million or 1.9 per cent lower than the $112.04 million recorded in the preceding session.

READ ALSO:Naira falls as dollar demand jumps by $35.96m

Also, the Naira exchanged hands for N766/$1 at the P2P market during the session, in contrast to the preceding day’s value of N770/$1, indicating an improvement of N4.

At the black market, the domestic currency appreciated against the American currency by N1 to trade at N748/$1 compared with the previous day’s rate of N749/$1.

At the interbank segment, the Nigerian currency closed flat against the British Pound Sterling and the Euro yesterday at N567.21/£1 and N500.53/€1, respectively.

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