Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian currency closed midweek trading week on a positive note against the United States dollar in the official and unofficial foreign exchange markets.

According to data from the Central Bank of Nigeria, the naira closed at an exchange rate of N1,549 per dollar on Wednesday, June 25, in the official Nigerian Foreign Exchange Market (NFEM).

Wednesday's exchange rate represents a slight appreciation of 0.06% from the previous day’s closing rate of N1,550/$1.

The naira has remained relatively stable in recent weeks, trading within the N1,545 to N1,555 per dollar range, supported by foreign exchange interventions from the CBN.

Analyst expects the naira to maintain its current trading range, provided no unforeseen disruptions occur.

Financial Times reports indicate that the US dollar is currently at a 3-year low in the global currency market

Similarly, the Nigerian currency appreciated against the pound sterling in the official market on Wednesday, June 25, gaining N27.08 to close at N2,083.75/£1, compared to N2,110.83/£1 on Tuesday.

However, it depreciated against the euro by N15.84, trading at N1,783.35/€1, down from N1,767.51/€1 recorded the previous day

Here are other currencies' exchange rates

Here is the latest published bank's buying rate for all currencies

In the unofficial foreign exchange market, also known as the black market, the value of the naira also improved, breaking below N1,600.

Traders told Legit.ng that the reduced demand for the dollar has crashed the exchange rate in the market.

Abudullahi, one of the BDC traders, told Legit.ng:

"The dollar buying rate is N1,560, while the selling rate is N1,570 on Wednesday. Previously day, the buying rate for a dollar was N1,570 and sell at N1,583.

"There is no changes for the euro as we sell at N1,800, and we buy at N1,785. The British pound sterling is selling at N2,135, with a buying rate of N2,115"

Earlier, Legit.ng reported that Nigeria's foreign reserves have been on the rise, and it is now at the highest level in three months

The latest data from the CBN showed that Nigeria's FX reserves in May alone have increased by over $400 million

The increase in the nation’s reserves is significant as it gives CBN the firepower to help the naira in the foreign exchange markets.

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Source: Legit.ng