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Naira Watch

Naira value rises against US dollar after Christmas holiday

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Nigerian currency returned from the Christmas holiday stronger against the US Dollar on Wednesday, gaining 10 kobo or 0.02 per cent at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Data obtained from FMDQ securities where Naira is officially traded showed that Nigerian currency closed yesterday at N415.00/$1 compared with N415.10/$1 it exchanged on the eve of Christmas holiday.

Naira strengthened on the back of a 29.1 percent or $49.14 million fall in the value of transactions to $119.48 million as against the $168.62 million recorded at the previous session.

Read also: Naira gains at official market as demand for dollar eases further

However, at the interbank segment of the market, the Nigerian Naira recorded a flat outcome against the American currency to finish at N411.95/$1.

In the same vein, the domestic currency closed flat against the Pound Sterling and the Euro on Wednesday at the same forex market window at N552.75/£1 and N466.82/€1 respectively.

Meanwhile, black market traders at Okota, Isolo and Ikeja areas of Lagos State retained dollar to Naira exchange rate at N565 on Wednesday.

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