Naira resumes trading, appreciates against the Dollar, Euro, Pounds

By: Godwin Offor / May 5, 2022 / 1386

The Nigerian currency, the Naira returned stronger from the holidays as it appreciated against the US dollar on Wednesday at the official market.

Data from FMDQ securities shows Naira increased in value on Wednesday by 0.23 per cent or N1 to close at N418/$1 compared with the exchange rate of N419/$1 before public work-free days to mark Workers’ Day and Eid el-Fitri.

The market data also showed increased liquidity for Investors and Exporters who exchanged $162.70 million.

Read also: Naira recovers amid increase in forex supply

Similarly, Naira increased in value by N0.58 against the Euro to close at N437.85/€1 in contrast to the previously quoted rate of N438.43/€1 on Friday last week.

Naira also appreciated against the Pound Sterling at the official FX window by N2.13 to sell at N 519.98 /ÂŁ1 compared to the previously traded rate of N N522.11/ÂŁ1.

On the black market, the Naira is getting closer to the N600 mark, as dealers in Lagos increased their asking price for a dollar to N594.

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