The value of the Naira increased significantly against the dollar at the official foreign exchange market, ending the week on a positive note.
Data from FMDQ revealed that the Naira rose to N1593.32 per Dollar by the close of business on Friday up from N1625.88 on Thursday.
This marks a significant 32.56% gain compared to the previous day’s exchange rate of N1625.88.
On the other hand, the black market witnessed continuous devaluation. The Nigerian currency closed at N1,665 per dollar on Friday, down from N1660 on Thursday. In essence, the Naira gained strength at the official market but lost value at the black market on Friday.
Analysing the week, the Nigerian currency gained N5.24 at the official foreign exchange market, compared to the N1598.56 exchange rate from the previous week.
In contrast, the Naira weakened by N20 per Dollar compared to the N1645 exchange rate at the black market from the previous week