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Naira gains big against U.S dollars, British pounds, Euro

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Thursday was a good day for the Nigerian currency, Naira as it appreciated against the U.S dollars in both the official and unofficial market.

The biggest gain was in the black market as naira closed at N493/$1 representing a N9.00 or 1.80 percent appreciation from N502.00/$1 it traded on Wednesday.

Naira also gained against British pounds to close at N710 from N713 it traded the previous day.

The Euro also dropped in value to N600 from N606 it was exchanging on Wednesday.

Read also: Naira gains 94 kobo, as move begins to end street hawking of foreign currencies

Similarly, Naira gained against the U.S. dollar at the official Investors and Exporters (I&E) window.

Data from FMDQ securities where Naira is officially traded shows the currency closed at N411.50 per dollar, a 0.12 percent appreciation from N412.00 it traded in the previous session on Wednesday.

This occurred as the market witnessed a forex turnover of $138.20 million, from $131.86 million posted in the previous session on Wednesday.

As of the close of Thursday trade, the gap between the official and unofficial dollar exchange rates was N81.50, down from N90 the previous day.

By David Ibemere…

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