Naira Appreciates Against Dollar

Nigeria’s currency, the Naira, appreciated against the US Dollar in the foreign exchange markets on Thursday.

Data from the official FMDQ market indicated that the Naira closed on Friday at 780.14 Naira per US Dollar, representing a decrease of 216.61 Naira from the previous day when it traded at 996.75 Naira per US Dollar.

In the parallel market, the Naira was exchanged for 1130 Naira per US Dollar on Thursday, down from 1140 naira the previous day.

Dayyabu Mistila, a Bureau de Change operator at Zone 4 Abuja, disclosed that Nigerians bought Dollars at N1100 on Friday, down from N1140 on Wednesday.

Similarly, at the Binance P2P market, the Naira stood at 1054.2 Naira to the USD on Saturday morning.

The development comes barely 24 hours after a report emerged that the Central Bank of Nigeria had vowed to clamp down on currency speculators.

The Naira strengthened against the Dollar when the Central Bank of Nigeria cleared forex backlogs to some commercial banks and airlines last week.