The Naira has continued its remarkable upswing against the US dollar in the official foreign exchange market. According to data from FMDQ, the Naira closed at N869.13 per US dollar on Friday, signaling a significant gain of N26.1 or a 3% increase compared to Thursday’s closing rate of N895.23.
This positive development marks the first time in the new year that the country’s currency has shown such resilience against the US dollar. However, the parallel market painted a different picture as the Naira weakened by 1.99% to N1,255 per US dollar, down from N1,230 per US dollar on Friday.
Notably, just a week ago, the Nigerian federal government secured a $2.25 billion foreign exchange support loan from the African Import-Export Bank, as reported by Media Talk Africa.
This recent surge in the Naira’s value against the US dollar signals a potential shift in the foreign exchange landscape and bears important implications for Nigeria’s economic stability and international trade relations.
