SINCE May 6, the Nigerian Naira witnessed a rare appreciation against major foreign currencies, including the American
dollar, the British pound sterling and the European euro.
The naira against the dollar stood at N155.15 as against the N155.25 sold on May 6 at the official market.
At the bureau de change, it was sold for N160 on Monday but went for N159.50 at the close of trade.
It was exchanged at N159 to a dollar compared to N159.50 on May 6 at the black market.
The naira against the pounds at the official market was traded for N241.12 as against N241.14 on May 6.
It also gained N1.50k against the pound at the bureau de change and the black market to sell for N246.5 from N245.
The naira also appreciated against the euro as it was sold at N203.62 at the official markets gaining 44 kobo from N204.06 sold on Monday.
Also at the bureau de change, it was sold at N211 and same at the black market compared to N213.50 sold on May 6..
A currency trader attributed the appreciation in naira value to supply from the oil majors.
He said that once the oil majors sold foreign exchange and there was high supply of the forex in the system, there would be automatic appreciation in naira value.