Again, naira gains in value against US dollar

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The Naira gained slightly against the U.S. dollar at Thursday’s official and unofficial markets of foreign exchange market.

Data posted on the FMDQ Security Exchange, where Naira is officially traded, showed that Naira closed at N416 to a dollar at the Investors and Exporters window.

This represents an increase from N416.25, the rate it closed at the previous session on Wednesday.

The gain occurred as the naira saw an intraday high of N462.11 and a low of N446.00 before closing at N416 on Wednesday.

The slight gain witnessed by the local currency became pronounced as turnover rose by 28.3 per cent, with $82.83 million recorded as against the $115.58 million posted on Wednesday.

READ ALSO:Naira gains 0.14% as forex reserves drop by $331.08m in one month

It was also good news for Thursday’s naira at the unofficial market.

The Naira gained N1 against the dollar at the Peer-2-Peer (P2P) during the session to close at N754/$1 versus the previous day’s N755/$1.

In the black market, the Nigerian Naira appreciated against its American counterpart by N1 to sell for N745/$1 compared with Wednesday’s exchange rate of N746/$1.

However, in the interbank segment, the domestic currency depreciated against the Pound Sterling by N2.21 yesterday to close at N548.01/£1 versus Wednesday’s trading value of N545.89/£1, and against the Euro, it lost N1.19 to quote at N487.11/€1 versus the previous day’s N485.92/€1.

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