Business
Naira Appreciates Across Forex Markets, Closes Week Stronger
The Nigerian naira showed notable appreciation against the US dollar across both official and parallel foreign exchange markets, closing the week on a positive note.
According to exchange rate data from the Central Bank of Nigeria, the naira strengthened to ₦1,580.44 per dollar on Friday, up from ₦1,584.95 recorded on Thursday. This reflects a daily gain of ₦4.51 against the dollar in the official market.
Similarly, the naira appreciated by ₦10 at the black market, trading at ₦1,615 per dollar on Friday compared to ₦1,625 the previous day.
As a result, the gap between the naira’s value in the official and black markets narrowed to ₦34.56 at the close of business on Friday.
Over the course of the week, the naira experienced mixed movements against the dollar, with periods of both gains and losses reported.
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