After 4 Days of Losses, Naira Appreciates at Official Market

The Nigerian Naira experienced a slight appreciation against the US dollar at the official market after four days of losses. Data from the Nigerian Foreign Exchange Market (NFEM) showed this positive movement on Thursday, August 21.

The naira had depreciated for four consecutive days before this turnaround. Additionally, the naira also appreciated against the pound sterling at the official market.

In contrast, the euro lost 25 Kobo in the same period. A BDC trader confirmed the new exchange rate, and currency dealers expect the local unit to face renewed pressure in the coming week.

The Central Bank of Nigeria is expected to continue selling dollars to meet the demand from importers and travelers. The exchange rate for international transactions was set to align with the rate traded in the parallel market.