Our Reporter
Naira has again increases its appreciation against the United States dollar at both the official and unofficial after closing the market to N1,300 and 1, 270 and above on Wednesday.
As indicated by the FMDQ website, naira closed Wednesday at N1,300/$1 as against N1,382.95 recorded in the previous market session on Tuesday.
The Wednesday’s performance rate implies a 6.0 per cent appreciation when compared to N1,382.95 posted on Tuesday. Nigeria’s currency experienced an intraday high of N1,200 and a low of N1,460 to a dollar before it closed at N1,300/$1 on Wednesday.
This development is not unconnected with measures put in place recently by the government, leading to gains recorded by the local currency at both the official and unofficial markets these past weeks.
One of the most recent of the actions taken was the Central Bank of Nigeria (CBN) announcement that it sold $10,000 to each Bureau De Change operator at a rate of N1,251 per U.S. dollar to address the lingering price distortions affecting the naira exchange rate in the forex markets.
About The Author
