The value of the naira increased within the official segment of the foreign exchange market on Friday.
The value of the currency increased by N26.9, or 1.84 percent, to close at N1,435 per dollar. Compared to the rate of N1,461.90 per dollar on Thursday.
The value of the dollar had fluctuated significantly during the trading session, peaking at N1,526 and tumbling to N891, according to data from the FMDQ Exchange.
The local currency declined in the unregulated foreign exchange market, finishing at 1,410 Nigerian Naira to the US dollar. This represents a 10 Naira or 0.71 percent decline from the previous Thursday’s rate of 1,400 Naira per dollar.
The gap between the unofficial market’s currency rate and the officially approved one shrank to 25.53 naira on Friday, down from Thursday’s 61.90 naira difference.
The value of the naira relative to the dollar in the official exchange market is always higher than in the unofficial street market, at the current exchange rate. [CONTINUE READING HERE]
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