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Naira appreciates against dollar at official, black markets

By BusinessNews Staff on April 12, 2014

The naira appreciated against the dollar at the three segments of the foreign exchange on Friday, the News Agency of Nigeria (NAN) reports.

At the official market, the naira was N155.68 to the dollar on Friday against the N155.74 rate on Monday, indicating a gain of 6 kobo.

At the Bureau De Change, the naira was traded at N168 against the dollar compared to N168.50 on Monday, up by 50 kobo.

At the black market, it was N168.50 against the N169 that it traded against the dollar on Monday, a gain of 50 kobo.

Also, the Naira appreciated against the pound sterling and the euro.

At the official market, the pounds sterling was exchanged at N243 compared to N261 at the beginning of the week.

The pound sterling was traded at N250 at the black market where it remained stable throughout the week.

Traders attributed the appreciation to efforts of the Central Bank of Nigeria in tightening liquidity in the financial system. (NAN)