The Naira appreciated slightly against the dollar on Thursday, trading at an average rate of N415.50k, as against N416 it traded on the black market on Wednesday.
BusinessDay findings show that dollar sells at N416 at Festac area of Lagos, which indicates a N1.00k loss to the value of Naira compared with N415 traded the previous day.
The dollar traded unchanged against the local currency at N415 and N361 at the black market and official window respectively.
At the Investors and Exporters (I&E) forex window, the Naira/dollar exchange rate opened the market at the rate of N385.72k on Thursday.
The exchange rate at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) stood at N387.35k as at Wednesday.
FX rate at the I&E is where the actual trade takes place by authorised dealers and the sellers of FX while the rates at NAFEX are indicative rates, according to Ayodele Akinwunmi, relationship manager, investment banking at FSDH Merchant Bank Limited.
Hope Moses-Ashike
