PUNCH
The value of the naira recorded its highest gain by 4.8 per cent against the US dollar in nearly two months after the sale of the country’s debut domestic dollar bond.
This marked the biggest jump since July 22.
The currency closed at 1,558 naira per dollar on Wednesday, its strongest level against the greenback since August 21, Bloomberg reports.
“Nigeria’s naira gained the most in almost two months after the West African nation announced that its debut domestic dollar-bond issue attracted significant demand.
“The unit surged 4.8% against the dollar on Wednesday, the biggest increase since July 22, according to data compiled by Bloomberg. The currency closed at 1,558 naira per dollar, its strongest level against the greenback since Aug. 21.”
The appreciation in the naira came after Nigeria’s first-ever foreign-currency domestic bond secured $900m in subscriptions.
