Naira records highest gain against dollar on official market

The naira continued its appreciation against the dollar at the official foreign exchange market on Wednesday, marking its highest gain so far this week.

Data from the Central Bank of Nigeria showed that the naira further firmed up to N1,596.68 per dollar on Wednesday from N1,599.70 traded on Tuesday.

This reflects a day-to-day gain of N3.02. Newspot reports that, unlike Tuesday, when the naira appreciated by just N0.20 per dollar, it recorded a stronger gain of N3.02 on Wednesday.

Meanwhile, on the black market, the naira depreciated by N3 to N1608 per dollar on Wednesday, down from N1605 traded the previous day.

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A Bureau de Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, said, “We bought at N1602 per dollar and sell at N1608.”

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