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Naira Watch

Naira increases in value for the first time in three days

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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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