Naira Records Highest Single-Day Appreciation Against Dollar Ahead of Public Holiday

The Naira recorded its highest single-day gain against the dollar at the official foreign exchange market on Thursday ahead of Friday’s public holiday to mark Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad.

Exchange data from the Central Bank of Nigeria showed that it appreciated significantly to N1,514.87 on Thursday, up from N 1,521.46 traded on Wednesday.

This means that the Naira strengthened by N6.59 against the dollar on a day-to-day basis to end the official trading week.

Meanwhile at the black market, the Naira dropped to N1,539 per dollar, down from N1,533 traded the previous day.

Accordingly, analysis of both foreign exchange markets indicated that the most populous country in Africa’s currency recorded mixed sentiments in the week under review.

This comes as Nigeria’s external debt continued to rise to hit N41.49 billion on Wednesday, up from $41.46 recorded the previous day, according to the apex bank.