Naira rises against dollar at parallel market
At the parallel market on Thursday, the naira saw a notable increase in value relative to the dollar.
The dollar-to-Naira exchange rate closed at N1,735 on Friday after closing at N1,750 on Thursday, according to Abubakar Alhassan, a bureau de change operator.
The official market saw a decline in the value of the naira from N1644.86 on Wednesday to N1672.69 on Friday, according to FMDQ data. In relation to the dollar, this amounts to a loss of N27.83.
This occurs when the FX transaction turnover decreased from $560.34 million the day before to $254.10 million on Friday.
The naira saw two wins and three losses against the dollar on the foreign exchange market during the reviewed week.
When compared to the official market exchange rate of N1,652.62 per dollar last Friday, the naira lost N20 on a weekly basis.
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