On Wednesday, the foreign exchange markets have seen Naira, the currency of Nigeria, perform admirably against the US dollar.
According to FMDQ Securities, the local currency in the official market increased against the US dollar by 30 Kobo or 0.06 percent yesterday, selling for N461.70 to $1 as opposed to N462.00 to $1.
During the day, there were $109.82 million worth of forex transactions, which is $2.22 million or 1.9% less than the $112.04 million total from the previous session.
Also, the Naira exchanged hands for N766/$1 at the P2P market during the session, in contrast to the preceding day’s value of N770/$1, indicating an improvement of N4.
At the black market, the domestic currency appreciated against the American currency by N1 to trade at N748/$1 compared with the previous day’s rate of N749/$1.
At the interbank segment, the Nigerian currency closed flat against the British Pound Sterling and the Euro yesterday at N567.21/£1 and N500.53/€1, respectively.