The naira recorded a notable rebound against the dollar at the foreign exchange market, closing the week on a positive note after several days of depreciation.
Data from FMDQ indicated that the naira appreciated to N1,600.78 per dollar on Friday, rising from N1,660.49 on Thursday, reflecting a gain of N59.71.
The recovery coincided with a rise in foreign exchange transactions, which increased from $330.18 million on Thursday to $350.72 million on Friday.
Despite the naira’s overall volatility during the week, it registered two days of appreciation and three days of depreciation in the official FX market.
However, the parallel market told a different story, with the naira slipping to N1,725 per dollar on Friday, compared to N1,705 on Thursday.
In recent months, the naira has experienced persistent fluctuations against the dollar, despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.
CBN Governor Olayemi Cardoso recently remarked that a weaker naira could have certain economic advantages, hinting at the broader complexities influencing the currency’s performance.
