The naira showed a positive start to November 2024, appreciating against the dollar in both the official and parallel foreign exchange markets. According to data from the Financial Markets Dealers Quotations (FMDQ), the naira strengthened to ₦1,666.72 per dollar on Friday, up from ₦1,675.49 on Thursday, marking a gain of ₦8.77.
In the black market, the naira also saw improvement, rising by ₦15 to close at ₦1,735 per dollar on Friday, compared to ₦1,750 the previous day. Media Talk Africa reports that the naira experienced mixed trends in the past week, with gains recorded on Tuesday and Friday, while other days saw declines at the official FX market.
This recent appreciation highlights the naira’s resilience amid fluctuating demand and supply dynamics, reflecting ongoing efforts to stabilize Nigeria’s currency in the face of economic pressures.
