On Wednesday August 24 2016, the Naira appreciated by 3.52 percent to N315.93 per Dollar at the interbank market, thereby motivating foreign investors to take advantage of the development.
“The cheap Naira is attracting foreign investors,” said Lutz Roehmeyer, a money manager at Landesbank Berlin Investment, which oversees about €12 billion in funds on behalf of its clients.
However, in the parallel market the Dollar lost its value as it traded for N402 per Dollar, weaker than N397 per Dollar traded at the previous session as a Dollar shortage gripped the official market.
The Naira hit a new record low of N400 per Dollar in June at the interbank market after the Central Bank of Nigeria floated the Naira.
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