Naira continues appreciation against USD at forex market

As it continued its appreciation against the US dollar on the foreign currency market, the Naira finished the week on a high note.

The Naira strengthened to N1,602.75 from N1608.98 on Thursday, according to FMDQ data.

Compared to the N1,608.98 reported the day before, this represents an N6.23 increase.

This occurs even though on Thursday, USD transactions fell 44.7% to $137.43 million from $248.75 million.

The Naira fluctuated between N1,610 and N1,620 per USD on the black market.

ZINGTIE reports that the Naira averaged N1,608 per USD during the previous week.

In a circular published on Thursday, the Central Bank of Nigeria cautioned commercial banks against making money off of the revaluation of the Naira.

Recall that the CBN floated the Naira twice between June of last year and March 15 of 2024, causing the value of the country’s currency to rise from N460 in May 2023 to N1,602.75 per USD.

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