Naira Strengthens at Official Market, Depreciates in Black Market

The Naira appreciated significantly against the dollar in the official foreign exchange market, ending the week on a positive note. Data from FMDQ revealed that the Naira strengthened to N1593.32 per dollar at the close of work on Friday, an improvement from N1625.88 on Thursday, marking a notable gain of N32.56.

However, the black market experienced further depreciation, with the Naira closing at N1,665 per dollar on Friday, down from N1,660 on Thursday. This mixed sentiment reflects a strengthening Naira at the official exchange rate but a weakening trend in the black market.

On a weekly basis, the Naira gained N5.24 at the official market, compared to the N1598.56 exchange rate last week. In contrast, the Naira weakened by N20 per dollar in the black market, following last Friday’s exchange rate of N1645.

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