Naira Gains Massively Against Dollar
The naira saw significant appreciation against the dollar in both the official and black markets, closing the week on a positive note.
According to FMDQ data, the naira strengthened to ₦1,574.20 per dollar on Friday, up from ₦1,593.62 on Thursday, marking a gain of ₦19.42 at the official market.
Similarly, in the black market, the naira improved by ₦5, closing at ₦1,605 per dollar on Friday, compared to ₦1,610 the previous day. A Bureau de Change operator in Wuse Zone 4, Dayyabu Ashiru, noted that the rate dropped from ₦1,625 in the morning to ₦1,605 by the evening.
On a week-on-week basis, the naira appreciated by ₦42.88 in the official market, moving from ₦1,617.08 per dollar last Friday to ₦1,574.20. This appreciation coincides with an increase in foreign exchange transaction turnover, which rose to $323.11 million on Friday from $61.9 million earlier in the week.
The naira’s gains came as the Central Bank of Nigeria (CBN) initiated the Retail Dutch Auction System on Wednesday, selling $876.26 million to 26 banks at a rate of ₦1,495 per dollar.
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