Naira Gained Marginally Against US Dollar at I&E FX Window on Wednesday

interbank
  • Naira Gained Marginally Against US Dollar at I&E FX Window on Wednesday

The Nigerian Naira appreciated slightly against the US dollar on Wednesday following the resumption of sales of foreign exchange to commercial banks across the country.

In the data obtained by Investors King from Investors & Exports Forex Window, the Nigerian Naira gained 0.02 percent to close at N386.42 against the US dollar.

The local currency opened the day slightly higher at N387.25 to the greenback and peaked at N389.75 before pulling back to as low as N375 per US dollar. It finally closed at N386.42 for the day.

A total turnover of $85.61 million was traded on Wednesday, according to the data published on the FMDQ Group website.

Earlier this month, the Central Bank of Nigeria announced it has resumed the sales of foreign exchange to commercial banks for onward sales to parents wishing to pay their kids school fees abroad and Small and Medium Businesses.

The resumption boosted dollar liquidity and subsequently bolstered Naira’s outlook as small businesses have commenced operations despite the ongoing gradual easing enforced by President Muhammadu Buhari.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

Be the first to comment on "Naira Gained Marginally Against US Dollar at I&E FX Window on Wednesday"

Leave a comment

Your email address will not be published.


*