With the Naira strengthening vs the US dollar, the foreign currency market concluded the week impressively on Friday.
The Naira dropped from N900.96 to N891.90 per US dollar on Thursday, according to data from FMDQ. In local currency, the result reflects a gain of N9.06 to settle at N891.90, up from its Friday closing value of N900.96 per US dollar.
This is the result of the FX turnover, which closed at $115.19 million on Thursday and quoted at $100.97 on Friday.
On the other hand, the Naira lost value on the parallel foreign currency market, and on Friday it hit a record low of N1,420 per US dollar, down from N1,410 on Thursday.
In the parallel market, where the majority of foreign exchange transactions take place, the value of the nation’s currency has been declining.
In his speech at the Nigeria Economic Group perspective for 2024 on Wednesday, Governor of the Central Bank of Nigeria, Olayemi Cardoso, promised that the top bank will strive for real price discovery in the foreign exchange market.