Official Market Sees Naira Strengthen Against Dollar

In a positive development, the Naira appreciated against the Dollar in the official market, reflecting potential stabilization efforts in Nigeria’s currency exchange.

On Friday, the Naira experienced an increase in value, trading at N1,666.72 per dollar in the official market.

Data from the FMDQ Exchange, which oversees Nigeria’s Autonomous Foreign Exchange Market (NAFEM), indicates that the Naira gained N8.77 in value. This represents a 0.52 percent rise compared to the prior day’s exchange rate of N1,675.49 per dollar.

However, daily trading turnover decreased to $94.20 million, compared to the $166.61 million recorded on Thursday.

Within the Investor’s and Exporter’s (I&E) window, the Naira ranged between N1,685.00 and N1,600.00 against the dollar.