The official foreign exchange market saw the Naira’s first appreciating against the dollar on Friday, therefore briefly stopping its downward run this week.
On Friday, the local currency climbed from N1,554.85 on Thursday to N1,550.36 per dollar. On a daily basis, this represents a little increase of N4.49.
Meanwhile, the Naira stayed constant at N1,590 per dollar on Friday, the same level as Thursday, in the black market.
Most of the week saw the Naira appreciating less than depreciating. Throughout the week in the FX market, it lost against the dollar except for Friday’s gain.
On Friday, the Naira traded at N1,517.24 per dollar, so it has dropped by N33.12 in comparison to Friday’s closing value at the official market. Comparably, the currency dropped by N10 on a weekly basis from N1,580 per dollar last Friday to N1,590 per dollar this week in the black market.