The Naira made an impressive recovery at the interbank or Spot FX market on Friday, September 23 with a gain of 1.69 percent to close at N307.79 to one US Dollar, compared to a drop of 0.96 percent recorded on Thursday when it traded at N313.07.
The local currency had on Thursday, September 22, taken a plunge close at N313.07 against the Dollar, a 0.96 percent decline from N310.08 it was exchanged on Wednesday, September 21, at the Spot FX or interbank market.
It had slid by 0.08 percent to close on Wednesday at N310.08 to the Dollar compared to a 0.84 percent decline recorded on Tuesday, when N309.83 was exchanged for one $US, at the spot FX market.
However, official rates from the Central Bank of Nigeria, CBN, on Friday, put the Naira to Dollar rate today at N305, the Pounds Sterling sold at N395.4 compared to N399.4 yesterday while the Euro was exchanged for N342.1 in contrast to N343.4 exchanged previous day.
Meanwhile on Friday, it further weakened to the Dollar at the parallel market, selling at N442 in contrast to N435/$US it sold for yesterday, it also declined against the Pound Sterling at N560 compared to Thursday’s selling rate of N555, but remained unchanged to the Euro to sell at N475 same as Thursday’s.
