Market News
Naira appreciates massively against dollar at official Market on Friday - DAILY POST
By
The Naira appreciated significantly against the dollar at the official foreign exchange market to end the week on a positive note.
FMDQ data showed that the Naira strengthened to N1593.32 per dollar at the close of work on Friday from N1625.88 exchanged on Thursday.
This represents a significant 32.56 gain against the dollar compared to the N1625.88 exchange rate the previous day.
Meanwhile, the black market continued its depreciation to close at N1,665 per dollar on Friday from N1660 on Thursday.
This means that the Naira closed with a mis-sentiment on Friday, that is it strengthened at the official market while lost at the black market.
On a week-on-week basis, the Naira gained N5.24 compared to the N1598.56 exchange rate last week Friday at the official foreign exchange market.
Conversely, the Naira weakened by N20 per dollar on a week-on-week basis compared to the N1645 per dollar exchange rate at the black market last Friday.
