Nigeria’s currency, naira, closes stronger to the dollar

Nigeria’s currency on Wednesday appreciated by 0.08 percent stronger than the dollar at the Investors and Exporters (I&E) forex window, despite low liquidity.

This is the third consecutive day Naira has appreciated against the dollar, although very marginal.

The naira/dollar exchange rate closed at N408.67k on Wednesday as against N409k it closed on Tuesday at the I&E window this represents N0.33 or 0.08 percent increase

Currency traders who participated in the trading on Wednesday maintained bids at between N381.00k and N412.00k/$.

At the end of Wednesday trading session, the foreign exchange market turnover dipped by 26.21 percent, with $35.37 million recorded as against the $47.93 million posted on Tuesday.

However, naira remained unchanged at the unofficial market on Wednesday, data posted on abokiFX.com showed.

According to data, Naira closed at N486.00 on the black market on Wednesday, the same rate it exchanged hands n the previous session on Tuesday.

Therefore, the difference between the unofficial market and I&E window exchange rate is now at N77.33.