Economy
Naira Appreciates Against Dollar to Close the Week on a Positive Note
The Naira appreciated against the Dollar in the foreign exchange market, ending the week on a strong footing.
According to data from the FMDQ, the Naira gained value, trading at N1570.14 per dollar on Friday, up from N1586.11 on Thursday. This reflects a significant N15.97 increase in value.
In parallel, the black market also saw the Naira strengthen, trading at N1615 per dollar on Friday, compared to N1620 the day before, marking a N5 gain.
A broader analysis indicates that the Naira closed the week at N5.66 stronger than the previous Friday’s exchange rate of N1,564.48 per dollar.
This comes after a steep drop earlier in the week, when the Naira fell by N42.27 against the Dollar to close at N1586.11 on Thursday. The fluctuations are occurring under the Central Bank of Nigeria’s Retail Dutch Auction System regime.
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