Business
Naira Appreciates Significantly Against Dollar On Official, Black Markets
Nigeria’s currency firmed up significantly against the dollar in both official and parallel foreign exchange markets to end the week.
FMDQ data showed that the naira strengthened to N1,478.78 per dollar on Friday, up from N1,485.95 traded on Thursday. This marks an appreciation of N7.17.
Similarly, on the black market, the naira gained N20 against the dollar on Friday, closing at N1,610 from N1,630 exchanged on Thursday.
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The appreciation of the naira across FX markets indicates that the country’s currency has been performing well against other currencies.
This development comes as the Central Bank of Nigeria, in the week under review, announced an FX code to ensure transparency within the country’s financial market.
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