According to daily post, the Naira appreciated against the dollar in the foreign exchange market, ending the week on a positive note.
Thank you for reading this post, don't forget to subscribe!According to FMDQ data reported by the Daily Post, the Naira strengthened to N1,509.67 per dollar on Friday, up from N1,520.24 on Thursday, marking a gain of N10.57.
Despite this appreciation, the overall foreign exchange transactions at the official market saw a decline in turnover, dropping to $116.88 million on Friday from $173.51 million the previous day.
In contrast, the parallel market experienced a slight depreciation, with the Naira falling to N1,525 per dollar on Friday from N1,520 on Thursday, indicating a loss of N5.
These fluctuations follow a recent record depreciation of the Naira against the dollar, the steepest since May 13, 2024.
This highlights the ongoing volatility in Nigeria’s foreign exchange market despite interventions by the Central Bank of Nigeria.
What are your thoughts on the recent appreciation of the Naira in Nigeria’s foreign exchange market
