Naira makes slight rebound, appreciates to N818.99/$1 at official market

The naira, Wednesday, halted a 2-day slump to appreciate against the US Dollar at the official market.

The exchange rate between the naira and dollar rose to N818.99/$1 on Wednesday at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

This represents an N31.23 gain or a 3.81% increase in the local currency compared to the N850.22 it recorded on Tuesday.

The intraday high recorded was N1100/$1, while the intraday low was N751.00/$1, representing a wide spread of N348.78/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $173.51 million, representing a 20.87% increase compared to the previous day.

However, the naira also appreciated slightly at the parallel forex market where forex is sold unofficially, the exchange rate closed at N1137/$1 as against the N1140/$1 it quoted on Tuesday, representing 0.03%, while peer-to-peer traders quoted around N1127.01/$1.

Meanwhile, the British Pound has recorded a slight appreciation against the naira to ₦1,356/£1 while the Euro also appreciated against the naira to ₦1,172/€1.