The Naira, Nigeria’s currency, closed out the week on a high note as it continued to strengthen against the US Dollar in the foreign exchange market. According to data from FMDQ, the Naira appreciated to N1,602.75 on Friday, up from N1,608.98 the day before. This marks a significant gain of N6.23 compared to Thursday’s rate.
Despite a 44.7% decrease in USD transactions to $137.43 million from $248.75 million on Thursday, the Naira’s positive trend persisted. In the parallel market, the Naira was trading between N1,610 and N1,620 per USD.
Throughout the week, the Naira maintained an average of N1,608 per USD. However, the Central Bank of Nigeria issued a warning to commercial banks on Thursday, urging them to refrain from profiting through Naira revaluation.
It is worth noting that the CBN had previously floated the Naira twice between June last year and March 15, 2024. This resulted in the Naira trading at N1,602.75 per USD, a significant shift from its value of N460 in May 2023.
Despite fluctuations in the market, the Naira’s recent appreciation signals positive momentum for Nigeria’s economy. Stay tuned for more updates on this developing story.
