Naira records slight recovery against US dollar

Nigerian currency bounced back on Wednesday recording a positive day against the US dollar at the foreign exchange (FX) market in Nigeria.

Data from FMDQ securities showed Naira gained 67 kobo or 0.16 per cent against the greenback to close at N416.00/$1 compared with the previous day’s closing rate of N416.67/$1.

This happened as the market recorded a 129.3 per cent or $96.38 million increase in forex transaction to $170.94 million compared to Tuesday’s $74.56 million.

READ ALSO: Naira suffers heavy falls after IMF calls for Nigeria to abandon exchange rate

At the interbank market, Nigerian Naira maintained stability against the Pound Sterling on Wednesday as it closed flat at N565.42/£1.

It was the same outcome with the Euro as it remained unchanged at N476.75/€1 data from Central Bank of Nigeria showed.

It was also good performance for Naira as it appreciated against the dollar at the black market to close at N570/$1 compared with N574/$1 it was exchanged on Tuesday.

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