Business
Dollar Impact: Naira Closes Week on a Negative Note Despite Parallel Market Gains
The naira ended the week on a downward trajectory, losing ground against the dollar at the official foreign exchange market.
According to FMDQ data, the naira depreciated to N1,543.03 per dollar on Friday, from N1,541.23 per dollar on Thursday, marking a loss of N1.8.
In contrast, the naira strengthened in the parallel (unofficial) market, appreciating to N1,655 per dollar on Friday from N1,660 per dollar the previous day, a gain of N5.
Notably, Thursday saw the naira’s first appreciation against the dollar in recent days. This comes after the Central Bank of Nigeria (CBN) launched non-resident Nigerian ordinary accounts and non-resident Nigerian investment accounts for citizens abroad, a move aimed at boosting foreign exchange remittances.