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Naira appreciates again at black market, as dollar supply rises

The pressure on Nigeria’s currency, Naira moderated on Wednesday as it gained 0.95 percent against the dollar at the parallel market following a slight increase in dollar supply.

At the close of trading on Wednesday, the local currency stood at N787.50 per dollar, compared to N795/$1 at the parallel market the previous day.

Nigeria’s currency has been wobbling in recent days at the unofficial market. It lost 3.14 percent of its value on Tuesday after appreciating against the dollar last week.

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The naira fell to 795/$1 on Tuesday from N770/$1 on Monday at the parallel market in Lagos.

However, at the Investors and Exporters (I&E) forex window, Naira depreciated by 0.15 percent to the dollar.

FMDQ securities quoted Naira to dollar at the end of trading at N446.67 as against the last close of N446.00.

Most currency dealers who participated at the FX auction on Tuesday maintained bids between N432.00 (low) and N447.00 per dollar (high).

At the end of the trading a total of $121 million was traded by participants compared to $86 million the previous day

Source: Ripples Nigeria