Market News

The naira ended the official foreign exchange (FX) market on a positive note on Friday, rising by 2.9 percent on increased dollar supply worth $245.17 million.

The naira gained as the dollar was quoted at N1,593.32 on Friday compared to N1,639.41 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

For the past three trading days, the local currency has recorded losses due to strong demand for dollars by the end users.

The naira lost 0.47 percent against the dollar for five trading days from N1,585.77 on Monday to $1,593.32 on Friday, the last trading day for the week.

The dollar supplied by willing sellers and willing buyers surged by 244.4 percent for five trading days to $245.17 million on Friday from $$71.18 million recorded on Monday at the NAFEM.

On a day-on-day basis, the dollar supply rose by 31.96 percent to $245.17 million on Friday from $185.79 million recorded on Thursday.

The intraday high closed at N1,665 on Friday compared to N1,650 closed on Thursday, while the intraday low printed at N1,580 on Friday from N1,410 on Thursday.

At the parallel market, also known as the black market, the Naira lost N25 in five trading days to close at N1,660 on Friday as against N1,635 closed on Monday.

On a daily trading basis the naira steadied at N1,660 on the black market.