Naira appreciates to N791/$1 in official market

This comes after the CBN moves to clear some of it’s FX backlog.

The Nigerian Naira appreciates against the United States American dollar, closing at 791.75/$ today at the official market.

According to reports, the naira rose 5.87 per cent (N49.39) in today’s market, which is a significant change compared to the previous day’s rate of N841.14/$ at the Nigerian Foreign Exchange Market.

The gain was expected, however, after the Central Bank of Nigeria (CBN) recently moved to clear some of it’s FX log.

The move, according to experts is expected to bring relief to naira, the business community and the economy at large.