Past 3 Years Show Naira Is Steadily Gaining Lost Ground versus the US Dollar

The Nigerian naira gained against the US dollar on Wednesday, as the country's central bank spent nearly 6 billion dollars to support the currency after it hit an all-time low.

Nigerian President Muhammadu Buhari said he was very worried about the situation in his country and called for calm after the naira fell to a record low against the dollar.

The naira has fallen 16% against the dollar since January 1, hitting a new low of 180:$1, compared with 100:$1 in mid-December.

The central bank announced it would spend 5.9 billion dollars in support of the currency, adding that it had sold 2 billion dollars' worth of foreign exchange reserves to stabilise its value.