Naira records three-day appreciation streak against dollar

The naira has recorded 3 consecutive days of appreciation against the dollar astatine the authoritative overseas speech marketplace amid the Central Bank of Nigeria’s latest FX Retail Dutch Auction System.

FMDQ information showed the naira further strengthened to N1, 596.52 per dollar connected Wednesday from N1601 exchanged connected Tuesday.

This represents a 4.48 gain.

Meanwhile, connected the achromatic market, the naira weakened to N1, 620 per dollar connected Wednesday from N1, 607 exchanged the erstwhile day.

A comparative investigation of the speech complaint astatine some FX markets showed that the naira gained N4.48 astatine the authoritative marketplace and mislaid N13 successful the achromatic market.

The improvement comes arsenic the CBN sold $876.26m astatine N1,495 per dollar successful its precocious launched retail Dutch Auction System to curtail the dollar request spike.

Naira records three-day appreciation streak against dollar