The Naira appreciated against the United States Dollar by 0.52 per cent or N2.25 in the Investors and Exporters (I&E) segment of the foreign exchange market on Wednesday.
Naira was sold in the official market yesterday at N427.75/$1 compared with the preceding session’s N430.00/$1, with the value of transactions at $81.64 million.
However, the value of the Naira to the Dollar depreciated by N2 or 0.32 per cent at the Peer-to-Peer (P2P) market segment as it closed at N620/$1 compared to Tuesday’s rate of N618/$1.
In the parallel market, the exchange rate of the Nigerian currency to its American counterpart further depreciated as it lost N3 or 0.49 per cent to settle at N614/$1 in contrast to the previous day’s N611/$1.
At the interbank segment of the market, the Naira was flat against the Pound Sterling at N498.83/£1 and also remained unchanged against the Euro at N427.93/€1.