Business
Naira rates against dollar today
In the last three consecutive days, naira has appreciated against the dollar at the official foreign exchange market amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System.
According to FMDQ data, the naira further strengthened to N1, 596.52 per dollar on Wednesday from N1601 exchanged on Tuesday, Wednesday and Thursday. This represents a 4.48 gain.
Meanwhile, on the black market, the naira weakened to N1, 620 per dollar on Wednesday from N1, 607 exchanged the previous day.
However, a comparative analysis of the exchange rate at both FX markets showed that the naira gained N4.48 at the official market and lost N13 in the black market.
,,,,The development comes as the CBN sold $876.26m at N1,495 per dollar in its recently launched retail Dutch Auction stem to…mcurtail the dollar demand spike
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