The Nigerian currency, Naira rises against the United States dollar as it exchanged at N736.62 at the Investors and Exporters window on Thursday night.
The local currency appreciated by 4.53 per cent compared to the N771.59 it exchanged for the dollar on Wednesday.
The open indicative rate closed at N774.74 to the dollar on Thursday.
A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N736.62.
A total of 66.43 million dollars was traded at the investors and exporters window on Thursday.
Data from FMDQ Securities shows that on Thursday, in the Investors and Exporters (I&E) window, the official forex market, the Nigerian currency gained 4.5% or N34.97, closing at N736.62/$1. This is in contrast to Wednesday’s exchange rate of N771.59/$1.
However, it was a different story at the parallel market on Thursday, as the Naira lost N4 of its value to exchange at N929/$1 compared with the previous day’s rate of N925/$1.
Similarly, in the Peer-to-Peer (P2P) segments, used mainly by crypto traders, Nigerian currency depreciated against the dollar by N7 to sell at N933/$1 versus the previous day’s N926/$1.
Meanwhile, the data from the Central Bank of Nigeria shows that the naira exchange rate against the British pound sterling and the euro on Thursday was N986.79/£1 and N842.48/€1, respectively.
