Naira appreciates against Dollar at official market

The Nigerian currency, the Naira, has appreciated again at the official market, continuing a trend of gains in recent days.

Data from FMDQ securities where Naira is officially traded showed that on Wednesday, it increased in value by 75 Kobo or 0.16 percent to trade at N462.50/$1 compared with the previous day’s exchange rate of N463.25/$1.

This happened as the forex turnover for the session broadly went up by 55.1 percent or $52.57 million to $148.02 million from Tuesday’s $95.45 million.

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In the same scenario in the black market, the Naira strengthened against the dollar by N2 to sell at N737/$1 on Wednesday compared with the preceding day’s value of N739/$1.

However, the interbank data from CBN showed that the currency was down against the Pound Sterling at the midweek session by N1.18 to close at N573.84/£1 versus N572.66/£1 and against the Euro, it shed N16.70 to trade at N505.75/€1 compared with N489.05/€1 it ended on Tuesday.