The Naira experienced a significant appreciation in both the official and parallel foreign exchange markets on Friday, ending the week on a positive note.
Data from the Central Bank of Nigeria (CBN) showed that the Naira strengthened to N1,535 per dollar on Friday, up from N1,567 per dollar on Thursday. This represents a gain of N32 against the dollar.
FMDQ data revealed that the Naira’s exchange rate fluctuated between N1,480 and N1,700.76 per dollar at the close of business on Friday.
In the black market, the Naira appreciated to N1600 per dollar on Friday, compared to N1715 per dollar on Thursday, marking a N115 gain.
Foreign exchange transactions turnover stood at $175.5 million, according to FMDQ data on Friday. For the week, the Naira appreciated by N125 against the dollar in the official market, according to CBN data.
This improvement follows the CBN’s fresh FX interventions announced at the end of November 2024. The CBN also directed banks to transition to the Bloomberg BMatch system for FX trading starting from December 2, 2024.
Additionally, the minimum FX trading limit was set at $100,000, up from $50,000.
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