Naira Continues Winning Streak Against US Dollar, Hits N869.13 in Forex Market

The Naira has sustained its upward trajectory against the US dollar, achieving significant gains in the official foreign exchange market. Data sourced from FMDQ indicates that the Naira closed at an impressive N869.13 per US dollar at the end of Friday’s trading session.

This surge reflects a substantial N26.1 gain, marking a notable 3% increase in the local currency when compared to the N895.23 recorded on Thursday. The positive momentum comes on the heels of Thursday’s encouraging development, where the Nigerian currency strengthened against the US dollar for the first time in the new year.

However, a nuanced picture emerges when examining the parallel market on Friday. The Naira experienced a 1.99% decline, settling at N1,255 per US dollar, in contrast to the previous rate of N1,230 per US dollar. This variance suggests a dynamic exchange landscape with fluctuations in different markets.

Notably, SK Blog had reported just a week ago that the Nigerian federal government secured a substantial $2.25 billion foreign exchange support loan from the African Import-Export Bank. This recent injection of foreign funds could be a contributing factor to the Naira’s positive performance in the official forex market.