The naira saw further appreciation against the dollar in both the official and parallel foreign exchange markets, ending the week positively thanks to rising FX supply.
According to FMDQ data, the naira strengthened to N1652.62 per dollar on Friday, up from N1658.57 per dollar on Thursday, marking a gain of N5.95. Over the past 48 hours, the naira has appreciated by N35 against the dollar.
Similarly, in the black market, the naira appreciated to N1750 per dollar on Friday, up from N1755 per dollar the previous day. FX transaction turnover also increased significantly, reaching $243.05 million on Friday from $163.66 million on Thursday.
On a weekly basis, the naira depreciated by N0.35 against the dollar compared to the N1652.25 exchange rate recorded the previous Friday.
Data from the Central Bank of Nigeria indicated that the country’s foreign reserves rose to $40.277 billion as of November 20, 2024.
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