IMF Hails Tinubu as Naira Records First Closing Gain

By Segun Emmanuel

The naira yesterday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following  the Central Bank's (CBN's) unification of exchange rates into the I&E window.

The naira, which closed at N702/$1 on Thursday came back strong yesterday, closing at N663/$1, a N39/$1 appreciation, according to data from FMDQ Group.

It was the first closing gain for the naira  since the rate unification policy took off on Wednesday.

The policy, which allows forex dealers and investors to buy and sell dollars at exchange rate of their choice provided they can find buyers, had pushed the local currency to over 15 years low before the ongoing recovery.