Naira Appreciates Against Dollar For Second Day In A Row

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Naira Appreciates Against Dollar For Second Day In A Row

The Nigerian naira on Tuesday firmed against the dollar, appreciating for the second day in a row.

This follows President Muhammadu Buhari’s recent rejection of a devaluation of the currency which has been hit hard by a fall in oil prices, traders said.

The naira firmed 3 percent to 364 naira from Monday’s quote of 375 against the greenback on the unofficial market. The official rate as unchanged at 197.

“Many people are now aligning with the government’s position of no devaluation,” a dealer said.