Naira records 0.15% gain against dollar at exchange market

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Nigeria’s currency on Wednesday signaled a return to the green at the Investors and Exporters (I&E) forex as Naira close at N411 per dollar, a marginal appreciation of 0.15 percent when compared to N411.63 recorded on Tuesday data from the FMDQ revealed.

The foreign exchange market had opened on Wednesday trading at N410.66k per dollar, lower than N409.30k it traded during intraday trading on Tuesday.

Meanwhile, at the parallel market and Bureau De Change (BDC) segments of the foreign exchange market, the local currency remained steady at N480 per dollar on Wednesday.

The forex turnover at the Investor and Exporters (I&E) window dropped by 44 percent from $59.17 million recorded on Tuesday to $33.15 million on Wednesday, March 3, 2021.

A check on Nigeria’s external reserves shows it currently stands at $34.95billion as at March 2, 2021, a marginal drop from $34.99 the previous day according to data on the CBN website.

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