Naira Appreciates Massively Against Dollar To End Week On Positive Note

The Naira appreciated significantly against the dollar at the foreign exchange market to end the week on a good note.

FMDQ data showed that the Naira appreciated to N1,509.67 against the dollar on Friday from N1,520.24 recorded on Thursday.

This represents a massive N10.57 gain compared to the N1,520.24 traded on Thursday.

This is coming as FX transactions turnover at the official market declined to $116.88 million on Friday from $173.51 million the previous day.

In contrast, at the parallel market, the Naira depreciated to N1,525 per dollar on Friday from N1,520 on Thursday. This represents an N5 loss at the black market compared to the N1,520 it traded the previous day.

Recall that on Thursday, the Naira recorded the highest depreciation against the dollar since May 13, 2024.

The development showed the ups and downs experienced in Nigeria’s foreign exchange market despite Central Bank of Nigeria policy interventions

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