Business
Naira Appreciates Against Dollar Across Official, Black Markets
The naira on Wednesday appreciated against the dollar across official and parallel foreign exchange markets.
Central Bank of Nigeria official exchange rate data showed that the naira strengthened to N1,584.49 against the dollar on Wednesday from N1,590.45 traded on Tuesday.
This means the naira gained N5.96 against the dollar on a day-to-day basis.
Similarly, the naira appreciated by N3 to N1,625 per dollar on Wednesday, and N1628 exchanged on Tuesday.
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This is the first time the naira has strengthened across FX markets this week.
Recall that on Tuesday, the naira recorded depreciation at the black market.
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, in his remarks at the end of the 300th Monetary Policy meeting on Tuesday, said the country’s currency is stable and enjoys a more competitive payment system across the West Africa region.
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