Naira extends gains against US Dollar at forex market

The Naira on Friday extended its gains against the US dollar at the official foreign exchange market.

Data from FMDQ showed that the Naira appreciated N869.13 per US dollar at the close of business on Friday.

This represents an N26.1 gain or a 3 per cent increase in the local currency compared to the N895.23 closed on Thursday.

On Thursday, the country’s currency strengthened against the US dollar for the first time this new year.

Meanwhile, on Friday’s parallel market, the Naira dropped by 1.99 per cent to N1,255 per US Dollar compared to N1,230 per US dollar.

Benco News reported that the Nigerian federal government received a $2.25 billion foreign exchange support loan from the African Import-Export Bank barely a week ago.