Business
Naira Rebounds Against Dollar After Three-Day Decline
The naira recorded a modest gain against the US dollar at the official foreign exchange market on Friday, breaking a three-day streak of depreciation. According to data from the Central Bank of Nigeria, the local currency closed at N1,547.36 per dollar, up from N1,549.41 on Thursday. This marks an improvement of N2.05 within a 24-hour period.
In contrast, the naira remained unchanged at the parallel market, where it traded at N1,600 per dollar for the second consecutive day. A Bureau De Change operator in Abuja’s Wuse Zone 4, Abubakar Alhasan, confirmed the stability, stating that dollars were bought at N1,590 and sold at N1,600 on Friday.
A week-on-week analysis shows the naira appreciated by N2.73 at the official market and by N6 at the black market, reflecting a positive shift in both segments of the foreign exchange market.