The naira saw a notable appreciation against the U.S. dollar at both the official and parallel foreign exchange markets, closing the week on a positive note.
According to data from FMDQ, the naira gained ground on Friday, rising to N1652.62 per dollar from the N1658.57 per dollar it traded at on Thursday.
This marked an increase of N5.95, demonstrating a solid recovery in the currency’s value.
Over the last 48 hours, the naira has strengthened by an impressive N35 against the dollar, signaling improved market conditions.
At the black market, the naira also saw a boost, appreciating to N1750 per dollar from N1755 the previous day.
This improvement comes as the total turnover of foreign exchange transactions surged to $243.05 million on Friday, a significant rise from $163.66 million recorded on Thursday.
However, despite the recent gains, the naira experienced a slight dip over the course of the week. On a week-on-week basis, the currency lost N0.35 against the dollar, compared to last Friday’s exchange rate of N1652.25.
In a related development, the Central Bank of Nigeria’s external reserves rose to $40.277 billion as of November 20, 2024, further reflecting the country’s efforts to stabilize its foreign exchange market and build a more robust financial base moving forward.
