Naira appreciates against dollars
After several days of decline, the naira ended the week on a positive note after making a big increase versus the dollar on the foreign currency market.
According to FMDQ data, the value of the naira increased from N1660.49 to N1600.78 per dollar from Thursday to Friday. This amounts to an appreciation of N59.71.
This comes after FX transactions climbed from $330.18 million on Thursday to $350.72 million on Friday. Three days of decline against the dollar preceded this.
The naira saw three depreciations and two appreciations at the official FX market during the reviewed week.
In the meantime, the naira dropped from N1705 to N1725 per dollar on Friday in the parallel market.
Despite the Central Bank of Nigeria's interventions, the naira has continued to fluctuate against the dollar on the foreign exchange market in recent months.
The governor of the Central Bank, Olayemi Cardoso, has stated that a weak naira is beneficial when there is sufficient investment in the nation.
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