Naira Records Significant Gains Against Dollar at Official Market

The Naira saw a substantial appreciation against the U.S. dollar in the official foreign exchange market on Friday, marking a positive end to the trading week.

According to data from FMDQ, the Naira strengthened to N1593.32 per dollar by the close of trading, up from N1625.88 recorded on Thursday. This represents a notable gain of N32.56 within a single day.

However, the parallel market painted a different picture as the Naira depreciated, closing at N1,665 per dollar on Friday, compared to N1,660 on Thursday. This mixed performance highlights the divergence between the official and black market rates.

On a week-on-week basis, the Naira appreciated by N5.24 at the official exchange market, improving from last Friday’s rate of N1598.56 per dollar. In contrast, it weakened by N20 at the parallel market, down from N1645 per dollar the previous week.