The Naira, the official currency of Nigeria, has been on a remarkable upswing in recent days. Investors have been keeping a close eye on the currency’s performance, and their confidence has not been misplaced. The Naira has experienced yet another surge in value at the official market, cementing its position as a strong and stable currency. This upward trend is a testament to the resilience of the Nigerian economy, and it bodes well for the country’s future.
Data from FMDQ securities where Naira is officially traded showed that on Wednesday, it increased in value by 75 Kobo or 0.16 percent to trade at N462.50/$1 compared with the previous day’s exchange rate of N463.25/$1.
This happened as the forex turnover for the session broadly went up by 55.1 percent or $52.57 million to $148.02 million from Tuesday’s $95.45 million.
In the same scenario in the black market, the Naira strengthened against the dollar by N2 to sell at N737/$1 on Wednesday compared with the preceding day’s value of N739/$1.
However, the interbank data from CBN showed that the currency was down against the Pound Sterling at the midweek session by N1.18 to close at N573.84/£1 versus N572.66/£1 and against the Euro, it shed N16.70 to trade at N505.75/€1 compared with N489.05/€1 it ended on Tuesday.