Business
Naira Strengthens Against Dollar in Official, Black Markets
The Nigerian naira experienced a notable appreciation against the U.S. dollar in both official and parallel markets at the close of the week. According to FMDQ data, the naira strengthened to N1,478.78 per dollar on Friday, improving from N1,485.95 on Thursday, marking a gain of N7.17.
In the parallel market, the naira also saw significant gains, closing at N1,610 per dollar on Friday, up from N1,630 the previous day, reflecting an appreciation of N20.
This upward trend in the naira’s value coincides with the Central Bank of Nigeria’s recent introduction of an FX code aimed at promoting transparency within the country’s financial markets.
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