The naira made a solid comeback against the dollar at the foreign exchange (FX) market, wrapping up the week on a high after days of struggling.
According to FMDQ data, the naira strengthened to N1600.78 per dollar on Friday, bouncing back from N1660.49 recorded on Thursday. That’s an impressive gain of N59.71.
Interestingly, this uptick came as FX transactions surged, hitting $350.72 million on Friday, compared to $330.18 million traded the day before.
It’s been a bit of a rollercoaster, though. After three straight days of slipping, the naira finally caught a break. Over the week, it gained twice and lost ground three times in the official FX market.
Meanwhile, things weren’t as rosy in the parallel market. On Friday, the naira dipped to N1725 per dollar, down from N1705 the day before.
The currency has been on a bumpy ride over the past few months, fluctuating against the dollar despite efforts from the Central Bank of Nigeria (CBN) to stabilize things.
Still, CBN Governor Olayemi Cardoso recently pointed out, “A weak naira is advantageous with adequate investment into the country.”…[CONTINUE READING HERE]>>
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