Business & Economy

Naira Strengthens Against Dollar In Official, Black Market

Published

2 months ago

Dec 7, 2024.

The Naira appreciated massively at the official and parallel foreign exchange markets on Friday to end the week on a good note.

The Central Bank of Nigeria’s exchange market data showed that the Naira appreciated to N1,535 per dollar on Friday from N1,567 per dollar on Thursday.

This showed that the Naira gained N32 against the dollar compared to the N1,567 exchange rate on Thursday.

However, the FMDQ data showed that the Naira had the lowest and highest exchange rates between N1,480 and N1,700.76 per dollar at the close of work on Friday.

At the black market, the Naira strengthened to N1600 per dollar on Friday from N1715 exchanged on Thursday. This showed that the Naira appreciated by N115 against the dollar on Friday compared to N1,717 traded the previous day.

This comes as FX transactions turnover stood at $175.5 million, according to FMDQ data on Friday.

In the week under review, the Naira appreciated N125 against the dollar at the official market, according to CBN data.

The development comes as the apex bank at the end of November 2024 announced fresh FX interventions.

Consequently, CBN directed banks to transition to the Bloomberg BMatch system for FX trading from December 2, 2024. This comes at the time the apex bank also set a minimum FX trading limit at $100,000 from $50,000.

Click here to watch our video of the week: