Naira Appreciates Against Dollar, Ending Week on a Strong Note
The Nigerian naira has continued its upward trend, appreciating against the US dollar on Friday to end the week on a positive note. According to FMDQ data, the naira appreciated to N1540.78 per dollar on Friday, a gain of N35.32 from the previous day’s rate of N1576.10.
This is the second consecutive day of appreciation for the naira, with the currency gaining N126.64 against the dollar at the official foreign exchange market over the past two days. In contrast, the naira depreciated by N5 to close at N1700 per dollar on the black market on Friday, compared to the N1695 exchange rate on Thursday.
The Central Bank of Nigeria’s decision to sell foreign exchange to Bureau De Change operators at N1590 per dollar on Wednesday may have contributed to the naira’s appreciation, as it helped to boost liquidity in the market.
On a week-on-week basis, the naira appreciated slightly compared to the N1541.52 exchanged last Friday at the official market. This positive trend is likely to provide some relief to Nigerian businesses and individuals who rely on foreign exchange for imports and other transactions.
The appreciation of the naira against the dollar is a welcome development for the Nigerian economy, which has been struggling with a persistent shortage of foreign exchange in recent times. The country’s central bank has been implementing various measures to stabilize the currency and boost foreign exchange reserves, and the recent appreciation of the naira may be a sign that these efforts are starting to bear fruit.
