Naira gains against US dollar at official, black market

The naira strengthened against the US dollar on the official currency market after gaining 0.36 percent at the conclusion of business on Wednesday.

The naira opened trading at N429.17 but closed at N429.44 to the dollar on Wednesday, compared to the N430 and above level it has been trading since the start of business this week, according to statistics provided by FMDQ, where forex is legally traded.

Read also: Naira depreciation continues, as CBN, FMDQ pause update

The Nigerian naira reached an intraday high of N418.00 and a low of N453.20 before ending at N429.44 at the conclusion of sales on Wednesday, with $109.47 million delivered as Forex exchange during this period.

Similarly, at the black market, Naira recorded a slight gain as the end of the month saw more Nigerians working for foreign companies exchanging their earnings for Naira.

Currency traders who spoke to Ripples Nigeria said they purchased the dollar for N695.00 and sold it between N698.00 to N700.00, compared to N705 previously.

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