By InvestAdvocate

Lagos (InvestAdvocate)-The naira on Tuesday traded 222.50 to one U.S dollar in the black market and gained 1.81 percent when compared to N226.60 it traded on Monday, Proshare daily exchange rate monitor said.

Similarly, the Nigeria’s local currency exchanged against the pounds sterling and 320/£1 improving 1.50 percent when compared to the previous day’s 325. The euro also appreciated the same level trading at 230 as against 232 recorded on Monday.

On the part of Cordros Research, it said the local currency had appreciated by 122 points against the pound to trade at 294.25/£1.

It reported on the contrary, the naira depreciated by 70 and 92 points to the dollar and euro respectively to trade at 199.75/$1 and 211.61/€1.

“Following dollar sales by oil firms, coupled with the N2.00 plus clearing rate limit placed on banks, the naira continues to trade in a tight spread,” the report added.

While Investment One affirmed the naira gained 0.45 percent against the greenback as a result of continued support from the Central Bank of Nigeria (CBN). “At the close of the session, the local currency settled at N198.00/$1,” the report said.

“On the flip side, the naira depreciated relative to the pound sterling (0.67 percent) to settle at N293.86/£1. Relative to the euro, it depreciated further by 1.33 percent to close the session at N211.57/€1. Notably, OPEC basket for crude oil prices closed at $49.46/b, declining 4.3% from previous levels,” the Investment One update affirmed.