Nigeria’s naira increased moderately, this stopped the three days of depreciation against the dominant currency, the US dollar, at the official market as demand moderated ahead of the week’s close.
Data from FMDQ Exchange showed that local currency appreciated against the dollar on Thursday as it exchanged at N771.69 at the Investors and Exporters window.
The local currency gained by 0.22 per cent compared to the N773.42 it exchanged for the dollar on Wednesday. FX traders said the open indicative rate closed at N777.82 to the dollar on Thursday.
Data showed that a spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N771.69.
The naira sold for as low as N700 to the dollar within the day’s trading. A total of US$121.60 million was traded at the investors and exporters window on Thursday. A total of 169.07 million dollars was traded at the investors and exporters window on Wednesday
