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.
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.
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.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...