Victor EzejaThe Nigerian naira recorded a mixed performance across foreign exchange market windows on Wednesday, a day after the public holiday observed in honour of late former President Muhammadu Buhari.
While the naira depreciated at the official market, it appreciated at the parallel market on Wednesday.
Join our WhatsApp ChannelThe Central Bank of Nigeria (CBN) exchange rate data showed that the naira exchanged ₦1,530 against the United States Dollar. This represents a loss of ₦11.37 at the official market when compared to ₦1,518.88 recorded on Monday before the public holiday.
The CBN data shows that the naira traded between a high of ₦1,533 and a low of ₦1,531 per dollar.
Prime Business Africa had reported that the naira rose to a four-month high of N1,518.88 per dollar on Monday at the official market, boosted by improved foreign exchange liquidity and a dip in demand for the US dollar across all trading windows.
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However, that gain was stripped by the sharp fall of the local currency against the greenback at the close of trading on Wednesday.
At the parallel market, also known as the black market, the local currency strengthened to ₦1,540, reflecting a ₦10 gain from ₦1,550 it traded previously.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
