Naira appreciates against dollars at foreign exchange market
After nine days of devaluation, the Naira strengthened against the dollar on Friday at the foreign exchange market, capping off a solid week.
According to FMDQ data, the Naira strengthened versus the dollar on Friday, trading at N1505.30 as opposed to N1510.10 on Thursday.
In relation to the N1510.10 exchanged the day before, this signifies a gain of N4.8 against the US dollar. Similarly, on Friday in the foreign exchange market, the Naira enjoyed a boost and traded at N1515 against the US dollar.
Since June 18, 2024, when it traded at N1482.72 per dollar on the official forex market, this is the first time the Naira has appreciated.
The event occurred on June 26, 2024, when Nigeria's external reserves reached a record high of $34.07 billion.
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