Naira Appreciates Against Major Currencies Amid Fading FX Pressure

The Nigerian Naira experienced some relief in the foreign exchange market on Wednesday, August 12. The currency appreciated against the US Dollar by 0.17% or N2.31 to close at N1,360.58/$1 compared to the previous day's rate of N1,364.89/$1.

This improvement also extended to other major currencies, including the Pound Sterling and Euro. The Naira gained N1.62 against the Pound Sterling to quote at N1,840.99/£1, up from Tuesday's rate of N1,842.61/£1, and it rose by N3.49 against the Euro to settle at N1,572.01/€1 compared to Monday's rate of N1,575.50/€1.

However, the Naira actually depreciated against the greenback at the GTBank forex counter by N3 to sell for N1,370/$1, compared with the previous day's rate of N1,367/$1. At the parallel market, it remained stable at N1,395/$1.