The Naira saw a modest improvement against the US dollar and other foreign currencies at the close of the foreign exchange market on Friday.
Data from FMDQ revealed that the Naira strengthened to trade at N1,469.97 per US dollar from N1,479.47 on Friday, marking a 0.6 percent or N9.5 gain compared to the N1,433.89 recorded at the close of trading on Tuesday.
However, despite this increase, the Naira’s value against the dollar remains N50 lower than the level observed at the start of the trading week on Monday, which commenced at N1,419.86.
Conversely, at the parallel market, the Naira dipped to N1,490 per dollar on Friday from N1,440 on Thursday.
In related news, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, expressed confidence in exchange rate stability during his address at an interface with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday.
Reflecting on recent developments, it’s worth noting that the CBN issued the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms just two weeks ago, resulting in the Naira’s rise to N1,500 per dollar from N891.
Posted in African Business News
