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Naira Watch

Naira increases in value for the first time in three days



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Nigerian currency for the first time in three days put up a better performance against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

According to data from the FMDQ Securities Exchange, the local currency was exchanged at N416.17/$1 yesterday compared with N417.00/$1 it was exchanged on Wednesday.

This indicated an 83 kobo or 0.2 per cent increase in the value of the Naira against the dollar.

READ ALSO: Naira appreciates as CBN takes out $975.7m from external reserves to defend currency

Similarly, after recording losses for two straight days, Naira gained against British Pound Sterling by N1.33 to trade at N546.46/£1 compared to the previously traded rate of N547.79/£1.

Also against the Euro, the Nigerian currency appreciated by N1.99 to close at N462.21/€1 in contrast to the previously quoted rate of N464.20/€1.

However, on the black market, traders retained the exchange rate of N584-N588 against the American currency.

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