Business
Naira Strengthens Against Dollar, Gains N1.55 at Official Market
The naira saw a slight recovery against the dollar on Thursday, after experiencing a dip the previous day. According to data from FMDQ, the naira appreciated by N1.55, moving from N1,551.10 to N1,548.47 per dollar. This represents a marginal gain of N2.63 in value.
While the official market showed signs of stability, the naira struggled on the black market, where it depreciated by N13 against the dollar on Thursday.
This shift comes a day after Nigeria’s inflation rate was reported to have affected the currency’s performance. Notably, President Bola Ahmed Tinubu’s spokesperson, Bayo Onanuga, had recently praised the naira’s resilience against the dollar.
In a previous report, SK Blog noted that the naira had weakened on both the official and parallel foreign exchange markets, following concerns over inflation.
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