Naira Records Gain Against US Dollar at Forex Market

The Naira has appreciated against the US dollar, closing the week on an impressive note at the foreign exchange market on Friday.

Data from FMDQ showed that the Naira weakened to N891.90 per Dollar on Friday from N900.96 per US dollar on Thursday.

The figure represents an N9.06 gain to close at N891.90 in the local currency compared to the N900.96 per US Dollar it closed on Friday.

The development comes as the forex turnover quoted at $100.97 on Friday from $115.19 million at the close of Thursday.

However, the Naira depreciated at the parallel forex market, with the exchange rate reaching a record low of N1,420 per Dollar on Friday from N1,410 on Thursday.

The country’s currency had been experiencing a decline in the parallel market, where most forex transactions are done.

The Central Bank of Nigeria Governor, Olayemi Cardoso, in his address at the Nigeria Economic Group outlook for 2024 on Wednesday, pledged that the apex bank will work towards real price discovery in the foreign exchange market.