Business
Naira Gains Momentum to End the Week on a Positive Note
The Nigerian naira wrapped up the trading week on a high, continuing its upward trajectory in the official foreign exchange market. According to FMDQ data, the naira appreciated to N1,540.78 per dollar on Friday, a notable improvement from the N1,576.10 recorded on Thursday, representing a gain of N35.32.
In the past two days alone, the naira strengthened by N126.64 against the dollar in the official market. This marks a positive trend for the local currency amid ongoing efforts to stabilize the foreign exchange market.
However, in the parallel market, the naira weakened slightly, closing at N1,700 per dollar on Friday, a N5 depreciation compared to the N1,695 rate on Thursday.
The Central Bank of Nigeria (CBN) played a key role in supporting the currency, selling foreign exchange to Bureau De Change operators at N1,590 per dollar earlier in the week.
On a week-to-week basis, the naira posted a slight appreciation, compared to the N1,541.52 exchange rate recorded at the official market last Friday.
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