Naira appreciates against US dollars at forex market Friday

At the end of business on Friday, the Naira saw a minor increase in value relative to the US dollar and other currencies on the foreign exchange market.

The Naira saw a boost on Wednesday, trading at N1,469.97 per US dollar, up from N1,479.47 on Friday, according to data from FMDQ.

Compared to the closing price of trade on Tuesday of 1,433.89, this signifies a gain of 0.6 per cent or N9.5.

On the other hand, the value of N1,469.97 relative to the dollar is N50 less than what was accomplished on Monday, when the trading week opened at N1419.86.

The Naira fell to N1,490 per dollar on Friday at the Parallel Market, down from N1,440 on Thursday.

Olayemi Cardoso, the governor of the Central Bank of Nigeria, assured exchange rate stability on Friday during a meeting with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja.

ZINGTIE recalls that the Niara increased to N1,500 per dollar from N891 two weeks ago when CBN published the “Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology” and other reforms.

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