Naira appreciates against the dollar at N1,262/$1

The naira, on Wednesday, continued its gain against the United States dollar, appreciating both at the official foreign exchange and parallel markets, to the delight of many Nigerians. At the Nigerian Autonomous Foreign Exchange Market, the naira gained N16 or 1.26 per cent as the dollar was quoted at N1,262.85/$1 on Wednesday, stronger than N1,278.58/$1 closed on Tuesday, data from the FMDQ Securities Exchange indicated.  The appreciation of the local currency was attributed to the several foreign exchange policies implemented by the Central Bank of Nigeria, to boost dollar supply and enhance transparency in the FX market.