Naira Appreciates Significantly, Ending the Week on a Positive Note

The Naira has strengthened significantly against major currencies, closing the week on a positive note. This appreciation offers hope for economic recovery amidst ongoing fiscal reforms in Nigeria.

The naira experienced a significant appreciation against the dollar in the foreign exchange market, concluding the week on a positive note after several days of depreciation.

According to FMDQ data, the naira appreciated on Friday, reaching N1600.78 per dollar compared to N1660.49 exchanged on Thursday. This marks an increase of N59.71 in value.

This development coincides with a rise in foreign exchange transactions, reaching 330.18 million on Thursday.

This follows three consecutive days of losing value against the dollar.

During the week in question, the naira appreciated twice and depreciated three times in the official foreign exchange market.

In the parallel market, the naira decreased to N1725 per dollar on Friday, compared to N1705 recorded the day before.

In recent months, the naira has persisted in fluctuating against the dollar in the foreign exchange market despite efforts by the Central Bank of Nigeria to intervene.

Olayemi Cardoso, the governor of the Central Bank, recently stated that a depreciated naira can be beneficial provided there is sufficient investment flowing into the country.