Nigeria’s Naira Closes Week on Strong Note, Appreciating Against Dollar

In a welcome boost for Nigeria’s economy, the naira has appreciated consecutively against the dollar at the official foreign exchange market. The country’s currency finished the week on a positive note, with a slight gain of N0.78 to close at N1600 per dollar, compared to N1600.78 last Friday.

As indicated by FMDQ Data, the naira’s upward trend was marked by a gain on Friday, trading at N1600 per dollar, up from N1601.20 on Thursday. This marks the second time the naira has appreciated in value against the dollar during the week under review. While the naira shed its value three times against the dollar this week, the overall gain at the close of the week is a promising development.

In contrast, the naira performed poorly at the black market, losing N15 to close at N1740 per dollar, compared to its opening value of N1725 at the start of the week. The disparity in performance at the official and black markets highlights the complexities of Nigeria’s foreign exchange market.

Despite the fluctuations, the naira’s appreciation against the dollar at the official market signals a positive trend for Nigeria’s economy. As the country continues to navigate the challenges of foreign exchange management, these gains will be closely watched by analysts and market observers. For now, the naira’s strong finish to the week offers a glimmer of hope for the country’s economic prospects.