Naira strengthen against dollar at 475/$1, other foreign exchanges

A gas station attendant displays a large bundle of naira banknotes after selling fuel to a customer in Port Harcourt, Nigeria, on Friday, Jan. 15, 2016. With his security forces engaged in fighting Boko Haram's Islamist insurgency in the north, President Muhammadu Buhari can't afford renewed rebellion in the delta. Photographer: George Osodi/Bloomberg

Naira extends gains against the Dollar at the black market segment of the foreign exchange (forex) on Thursday.

During the session, the Nigerian currency appreciated by N3 to close at N475/$1 compared with N478/$1 it was exchanged at the preceding day.

Also, the Naira appreciated against the Pound Sterling at the parallel market yesterday by N2 to finish at N650/£1 versus N652/£1 of the previous day and gained N5 against the Euro to settle at N570//€1 in contrast to the previous trading rate of N575/€1.

However, at the Investors and Exporters (I&E) segment of the market, the domestic currency finished flat against the greenback on Thursday at N400/$1.

higher demand for FX by customers, leading to 55.8 per cent or $28.33 million increase in the turnover to $79.07 million from $50.74 million of the preceding session.

At the interbank segment, the Naira maintained its stability against the US Dollar at N379/$1 and at the Bureaux De Change (BDC) window, the value of the Nigerian currency to the American currency remained unchanged at N395/$1.

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