Naira Appreciates Against US Dollar in NAFEM on August 26

The Nigerian Naira continued its upward trend against major currencies in the foreign exchange market. On Wednesday, August 26, it appreciated by 0.37% to close at N1,338.59/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This is a gain of N5 compared to the preceding session's rate of N1,343.59/$1.

The domestic currency also gained against the Pound Sterling and Euro in the official market. It appreciated by 0.42% to trade at N1,820.34/£1 versus Wednesday's rate of N1,827.96/£1, and by 0.38% to settle at N1,560.12/€1 compared to the previous day's N1,566.09/€1.

In the parallel market, the Naira also improved against the US Dollar, trading at N1,385/$1 compared to the N1,390/$1 it was valued at midweek.