Naira rises massively against dollar to end week on good note

The naira appreciated massively against the dollar at both official and black markets to end the week on a good note.

FMDQ data showed that the naira strengthened to N1,574.20 per dollar on Friday from N1,593.62 on Thursday.

This represents N19.42 gain against the dollar at the official market compared to the N1593.62 exchanged the previous day.

Similarly, at the black market, the naira gained N5 to close at N1605 per dollar on Friday from N1610 the previous day.

“We sold for N1,625 per dollar in the morning of Friday but the price crashed to N1605 on Friday evening,” Dayyabu Ashiru, a Bureau de Change operator in Wuse Zone 4 told DAILY POST.

On a week-on-week basis, the naira gained by N42.88 at the official market from N1617.08 exchanged against the dollar last Friday to N1,574.20.

This comes as foreign exchange transaction turnover increased to N323.11 million on Friday from $61.9 million three days ago, according to FMDQ data.

The gains recorded by the naira against the dollar in the week under review come amid the Central Bank of Nigeria’s commencement of the Retail Dutch Auction System on Wednesday.

The apex bank disclosed that it sold $876.26 million to 26 banks at an N1,495 per dollar rate on Wednesday.