Currencies

Naira gains against major foreign currencies

The Nigerian currency, the naira, has recovered some of its lost value at both the official and black market on Thursday.

According to FMDQ securities data, the Naira ended Thursday trading at N445 at the investor’s and exporters’ official window market.

Thursday’s closing rate represents 0.22 per cent or N1 recovery when compared to the N446 to a dollar on Wednesday.

The improvement of Nigerian currency is coming on the back of improved dollar supply at the market as participants in the I&E window transacted $145.89 million on Thursday.

READ ALSO:Naira gains, trades N770/$1 at parallel market

Also, in the parallel market, the local currency appreciated against the dollar to close Wednesday trade at N745 to a dollar.

It was the same strong performance for Naira against British pounds sterling, albeit very little.

The Central bank of Nigeria‘s interbank window data shows that the Naira on Thursday exchanged against the Pound Sterling at N526.96/£1 versus N526.97/£1 the previous day.

While against the Euro, it was unchanged at N455.56/€1 same rate as Wednesday.

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