Naira Watch
Naira increases in value for the first time in three days
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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