The Naira recorded significant appreciation at both the official and parallel foreign exchange markets on Friday, closing the week on a positive note.
According to the Central Bank of Nigeria (CBN) exchange market data, the Naira strengthened to N1,535 per dollar on Friday, improving from N1,567 per dollar on Thursday. This represented a gain of N32 against the dollar within a single day.
Meanwhile, FMDQ data revealed that the Naira’s trading range at the close of business on Friday spanned from a low of N1,480 to a high of N1,700.76 per dollar.
At the parallel (black) market, the Naira also appreciated, trading at N1,600 per dollar on Friday compared to N1,715 on Thursday. This marked a gain of N115 against the dollar within 24 hours.
Foreign exchange (FX) turnover for the day was reported at $175.5 million, as per FMDQ data.
Over the week, the Naira appreciated by N125 against the dollar in the official market, based on CBN statistics.
This progress follows recent interventions by the apex bank, announced at the end of November 2024. As part of these measures, the CBN directed banks to adopt the Bloomberg BMatch system for FX trading, effective from 2 December 2024.
Additionally, the central bank raised the minimum FX trading threshold from $50,000 to $100,000. This policy shift is expected to enhance transparency and liquidity in the FX market.
