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Naira Massively Regains Ground, Appreciates by 19.17% to close higher at N874.79/$1
In a surprising twist from a record low on Wednesday, the Nigerian Naira on Thursday regained ground at the official market to appreciate massively against the dollar by 19.17% to close at N874.79 to a dollar.
At the close of business, data from the NAFEM where forex is officially traded confirmed the rebound.
This further represents an N207.53 gain or a 19.17% increase in the local currency compared to the N1,082.32 it closed on Wednesday.
The intraday high recorded was N1264.96/$1, while the intraday low was N475/$1, representing a wide spread of N789.96/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $110.41 million, representing a 54.49% decrease compared to the previous day.
However, the naira dropped at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.40%, quoted at N1245/$1, while peer-to-peer traders quoted around N1261.57/$1.
Source: Nairametrics
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