Naira closes firmer at 310.50 per dollar

LAGOS Aug 2 (FxMallam) – The Nigerian naira closed at 310.50 against the dollar on Tuesday, firmer than previous close of 315.50 according to market data.

This continues an upward trend that began towards the end of the trading week last week.

According to Reuters, the Nigerian naira traded $23 million at 280.50 just after the interbank market opened at 316.50.

One trader attributed the 280.50 naira rate to a dollar resale on the spot market of outright currency forwards sold by the Central Bank of Nigeria.

Lately the Nigerian Naira had been under siege dropping to below 330 against the dollar during trading last week.

Yesterday, the naira exchange rate appreciated marginally on the interbank market to N316.37 to the dollar, stronger than the N321.16 at which it closed last Friday.