LAGOS (AFP) — The Nigerian naira traded at 121.88 to the dollar this week in the foreign exchange market, dealers said Thursday.
A total of 10 banks participated in the official market where the Central Bank of Nigeria (CBN) sold 6.5 million dollars, they said.
Against the euro and pound sterling, the naira stood at 175.65 and 251.23 respectively.
In open market trading, the Nigerian note was unchanged at 123.3 and 175.49 against the dollar and euro, while it dropped to 255 from 251.74 against the British pound.
The naira has been appreciating steadily against major foreign currencies since March last year when the country's central bank liberalised the foreign exchange market.
On October 24, the naira hit a five-year high against the dollar to close at 118.50 from 119.45 the previous day.
The last time the naira traded strongly against the dollar was in July 2002 when it exchanged for 117.
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