Economy
Naira Gains Strength Against Dollar, Closes Week on a Positive Note
The Nigerian naira appreciated further against the U.S. dollar on Friday, marking a positive end to the trading week. Data from the FMDQ Securities Exchange revealed that the naira strengthened to N1631.21 per dollar, improving from the N1659.26 recorded on Thursday. This reflects a gain of N28.05 within just one day.
In the parallel market, the naira also showed resilience, rising by N10 to trade at N1670 per dollar on Friday, compared to N1680 on Thursday.
This appreciation occurred despite a significant drop in foreign exchange transaction turnover, which fell to $238.36 million on Friday, down from $450.39 million recorded the previous day.
The improvement in the naira’s value follows recent measures by the Central Bank of Nigeria (CBN), including the introduction of new foreign exchange (FX) code guidelines aimed at stabilizing the currency. The apex bank also implemented electronic FX matching to curb speculation in the market.
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