The Naira saw a significant appreciation against the dollar in the official foreign exchange market, closing the week on a positive note.
According to FMDQ data, the Naira strengthened to N1593.32 per dollar by the close of business on Friday, improving from the N1625.88 exchanged on Thursday.
This marks a notable gain of 32.56 against the dollar compared to the previous day’s rate.
In contrast, the black market experienced further depreciation, with the Naira closing at N1,665 per dollar on Friday, down from N1,660 on Thursday.
This resulted in mixed market sentiment, with the Naira strengthening in the official market but weakening in the black market.
On a week-on-week basis, the Naira gained N5.24 at the official foreign exchange market, improving from the N1598.56 exchange rate recorded last Friday.
However, it weakened by N20 per dollar in the black market compared to last week’s N1,645 per dollar rate.
