Naira Continues Gain, Closes at N1531/$1 in Official Market

The naira appreciated by 0.36% to N1,531.25/$1 on Wednesday, from N1,536.82/$1 the last trading session.

During the trading session, the naira fluctuated between N1,525/$1 and N1,535/$1 before finally settling at N1,531.25/$1 on Wednesday, signifying an improvement from the last close of N1,536.82/$1.

Wednesday appreciation marks a further improvement of the naira against the dollar, after the naira rebounded on Friday from its three days consecutive loss reversing the depreciation for the week.

The Naira not only improved in the official market but also appreciated in the parallel market, gaining 0.50% against the British pound to N1980/£1, from N1,990/£1.

Likewise, it gained 1.81% to N1,630/€1, from Friday’s close of N1,660/€1. However, it declined by 0.33% to N1,545/$1 from N1,540/$1.

Nigerian Foreign Exchange Market (NFEM) remained relatively stable on Wednesday supported by Central Bank of Nigeria (CBN) consistent intervention.

The Nigerian currency is expected to remain stable suppressing the dollar exchange supply.

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