Naira stopped its fall against the US dollar on Wednesday and gained some ground at the official market.
Data from the Central Bank of Nigeria showed the naira closed at *N1,370.56 per dollar*. That is stronger than Tuesday’s rate of *N1,375.62 per dollar*, meaning the naira gained *N5.06*.
However, it was a different story at the black market. The naira lost *N6* and traded at *N1,400 per dollar*, compared to *N1,396* the day before.
Against other currencies, the naira also weakened:
– It lost *N5* against the British pound, trading at *N1,885/£1*
– It lost *N5* against the euro, trading at *N1,625/€1*
– It held steady against the Canadian dollar at *N1,100/CA$1*
While the naira made a small recovery at the official window, it continued to lose value in the parallel market.
