Naira Soars Against Dollar, Ends Week on a High Note

The naira experienced significant gains against the dollar, both in the official and black markets, as the week drew to a close.

Data from FMDQ revealed that the naira appreciated to N1,574.20 per dollar on Friday, up from N1,593.62 on Thursday. This marks a N19.42 improvement at the official market.

In the black market, the naira also made notable strides, strengthening by N5 to end at N1,605 per dollar on Friday, compared to N1,610 the previous day.

Dayyabu Ashiru, a Bureau de Change operator in Wuse Zone 4, reported to DAILY POST, “We initially sold at N1,625 per dollar in the morning, but the rate fell to N1,605 by Friday evening.”

Week-on-week, the naira saw a substantial gain of N42.88 at the official market, moving from N1,617.08 the previous Friday to N1,574.20.

Foreign exchange transaction turnover surged to N323.11 million on Friday, up from $61.9 million earlier in the week, according to FMDQ data.

These gains come on the heels of the Central Bank of Nigeria’s introduction of the Retail Dutch Auction System on Wednesday. The apex bank reported selling $876.26 million to 26 banks at a rate of N1,495 per dollar.