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Naira Appreciates Against US Dollar At FOREX Market | Citizen NewsNG

ByCitizen NewsNG

Jan 11, 2024

 

The Naira recorded a marginal gain on Wednesday against the US dollar at the foreign exchange market.

Data from FMDQ showed that the Naira appreciated slightly to N1082.32 against the dollar; however, it remained in the 1000 per dollar threshold.

The domestic currency appreciated by 0.66 per cent to close at N1082.32 to a dollar at the close of business compared to

N1,089.51 per dollar it quoted on Tuesday.

Similarly, the Naira gained slightly at the parallel market by trading at N1240 per dollar, representing a 0.40 per cent appreciation compared to the figure it sold the previous day.

The development comes as the forex turnover grew by 148.95 per cent to $242.60 million on Wednesday.

The gains came as the Nigerian government received a $2.25 billion foreign exchange boost loan from the African Import-Export Bank over a week ago.

 

By Ogaga Ariemu

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