Over the weekend, Nigeria’s currency, the naira, experienced a significant gain against the US dollar in the foreign exchange market. Official data from FMDQ revealed that the naira appreciated to N791.25 against the dollar at the close of trading on Friday, marking a noteworthy improvement compared to N841.14/$1 on the previous day.
This development reflects a substantial 5.87 per cent increase, representing a N49.39 gain in comparison to the preceding day’s exchange rate. In addition, the naira maintained stability at the parallel market.
Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4, Abuja, confirmed that on Friday, he sold the dollar at N1140 and bought at N1125. Similarly, Media Talk Africa reported that despite an October inflation hike in Nigeria, the naira witnessed a commendable N31.23 gain on Wednesday.
