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Naira Appreciates Significantly Against the Dollar...Here's the Latest Foreign Exchange

Posted by Odinaka on Thu 05th Oct, 2017 - tori.ng

Data from the Financial Market Dealers Quote at the close of the capital on Wednesday have shown that the Naira gained massively against its foreign counterpart for the first time this week.

File photo

The Nation's currency, Naira, on Wednesday, appreciated for the first time this week to N360.46 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.

According to Vanguard, data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, rose to N360.46 per dollar, yesterday, from Tuesday’s closing market rate which stood at N360.07 per dollar.

This translated N1 appreciation of the Naira. Meanwhile, the volume of dollars traded in the window stood at $257.56 million.

Conversely, the Naira, in the parallel market, yesterday, recorded a marginal gain of N1, as Naira appreciated to N363 from N364 per dollar, which was the market closing rate for Tuesday.