Nigeria, Aug. 13 -- The naira strengthened to N1,360.15 per dollar at the Nigerian Foreign Exchange Market on Wednesday, recording its strongest closing level since June 16.

According to the Central Bank of Nigeria data, the currency gained N4.85 from Tuesday's N1,365 close, representing a 0.36 percent gain against the dollar.

The latest gain follows the currency's improvement that started last week after pressure that sent the naira to N1,398 in the early part of last week. The currency has since recovered N21.35 from the N1,381.50 per dollar recorded on July 17.

The News Chronicle reports that the naira has been mostly stable in August, ranging between N1,365 and N1,360.15 per dollar from the beginning of the month to August 12.

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