Exchange rate: Naira appreciates against major international currencies

The naira remained firm against the dollar.

The naira appreciated against some major international currencies at the official and black market ends of the foreign exchange market on Friday, the News Agency of Nigeria reports.

The naira appreciated against the pound sterling and the euro, but remained firm against the dollar at the two markets.

The naira appreciated against the pound sterling at the official market from at N238.17 to the pound on Monday to close at N236.86 on Friday.

It also rallied against the pound at N245 at the Bureau de Change and the black market on Friday from N246.5 on Monday, gaining N1.50.

The naira opened at N203.08 to the euro on Monday at the official market to close at N202.54 on Friday.

The naira, however, remain stable against the dollar at the official market during the week, selling at N155.25 to the dollars.

A currency trader, Harrison Owoh, attributed the naira’s appreciation to the low activities associated with the last working day of the week.

Mr. Owoh, the Managing Director, H J Trust & Investment Ltd., said “most traders usually travel on Friday to buy goods and would have converted their monies to the currencies needed for their transactions.”

(NAN)