The naira on Thursday appreciated on the official market, after two consecutive days of losses to the US dollar.
Data from FMDQ securities shows that the naira increased in value yesterday to N418.50/$1 at the Investors and Exporters (I&E) forex window, considered as the official market rate.
Thursday rate indicates 83 kobo or 0.2 per cent appreciation when compared with the N419.33/$1 it was sold on Wednesday.
The gradual rebound of the naira followed an increase in dollar supply at the market to $146.81 compared to $82.56 million during the midweek session.
Similarly, Nigerian currency appreciated in value to British Pound Sterling and the Euro at the spot market.
CBN data shows Naira gained N5.45 to sell at N517.08/£1 compared with the preceding session’s value of N522.53/£1.
While against the Euro it appreciated by N3.58 to close Thursday at N436.29/€1 compared with the previous day’s exchange rate of N439.87/€1.
At the Peer-to-Peer (P2P) market, Naira also gained N1 to sell at N586/$1 in contrast to the previous day’s value of N587/$1.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...