Naira appreciates against Dollar 1.2% at the NAFEM Window

April 4, 2024.

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Azonuchechi Chukwu.

The Nigerian Naira appreciated against the American Dollar by 1.2 per cent or N15.73 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

Data obtained  from the FMDQ Securities Exchange indicated that the local currency was traded against the US Dollar at midweek at N1,262.85/$1, in contrast to Tuesday’s closing value of N1,278.58/$1.

FX transactions worth $166.18 million were completed in the official market during the session, higher than the $118.18 million achieved a day earlier by 49.5 per cent or $55 million.

As for the black market, the local currency firmed up its value against the parallel market by N5 to sell for N1,250/$1, in contrast to Tuesday’s closing price of N1,250/$1.

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Also, the Naira improved its value against the British Pound Sterling yesterday by N9.32 to trade at N1,671.56/£1 compared with the previous day’s N1,680.88/£1, and against the Euro, the Nigerian currency chalked up N4.26 to sell at N1,432.83/€1 versus N1,437.09/€1.(

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