Naira records 1.1 % appreciation against the dollar

Nigeria’s currency on Thursday recorded 1.1 percent appreciation to close at N406.50 against the dollar.

This represents a N4.50 gain when compared to N411 recorded on the previous trading day, data from the FMDQ indicated.

The appreciation is attributed to improved liquidity at the Investors and Exporters (I&E) forex window and crude oil prices rise.

Currency traders who participated in the trading on Thursday maintained bids at between N389.25k and N427.45k/$.

The daily foreign exchange market turnover increased by 102.08 percent to $66.99 million on Thursday from $33.15 million recorded on Wednesday.

Naira continued to steady at N480 per dollar at the parallel market and Bureau De Change (BDC) segment of the foreign exchange market on Thursday.

On Thursday, crude oil prices traded at above $64 per barrel.

Source: Ripples Nigeria

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