Naira continues recovery at official market, appreciates to N420

Nigerian currency, the Naira continued its recovery from pressure placed on it due to primaries of political parties in the country, as it recorded another gain at the official market.

FMDQ securities data revealed that the value of the Nigerian currency appreciated to N420/$1 on Wednesday against the United States currency at the Investors and Exporters (I&E) segment of the foreign exchange (FX).

Wednesday rate was a 0.18 per cent or 75 kobo growth when compared with the N420.75/$1 it was exchanged on Tuesday.

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The strengthening of the local currency occurred amid a slight increase in the turnover by $9.54 million or 8.3 per cent to $124.62 million from the preceding day’s $115.08 million.

But at the interbank window, the local currency closed flat against the Pound Sterling and the Euro at N502.44/£1 and N434.59/€1 respectively.

In the Peer-to-Peer (P2P) segment of the market, the domestic currency, however, depreciated against the US Dollar by N1 or 0.2 per cent to sell at N616/$1 compared with Tuesday’s rate of N615/$1.

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