Nigerian currency gains against US dollar, as Naira ranks 4th worst performing in Africa

Naira made a recovery on Tuesday after starting the week on a low as it appreciated by 0.12 per cent or 50 kobo against the US dollar.

Data from the FMDQ Securities Exchange showsed that Naira ended yesterday at N416.00/$1 against the N416.50/$1 on Tuesday at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market.

Naira also appreciated against the British Pound Sterling by N2.08 to trade at N546.49/£1 compared to the previously traded rate of N548.57/£1.

But against the Euro, the local currency depreciated by N1.33 to settle at N454.02/€1 in contrast to N452.69/€1 it was traded on Monday.

READ ALSO: CBN sells Naira at N416.41, as Nigerian reserves make 2 weeks good run

At the parallel market, Naira closed the black market at N575 the same rate it started the week.

Meanwhile Naira has been ranked the fourth worst performing currency in Africa.

South Africa is the best performing currency while Ghana Cedis is regarded as the worst.

According to a Bloomberg report, the value of Naira has so far dropped in value by 0.82 percent and sits at 12 positions among 15 currencies surveyed.

South African rand the report showed had increased in value since the start of the year by 4.56 percent followed by the Namibian dollar 4.49 percent.

Botswana pula, Uganda shillings and Egyptian pounds are ranked 3rd, 4th, 5th best performing with a value increase of 1.76%, 0.84% and 0.02%.

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