NAIRA RISES BY N126 AGAINST DOLLAR
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In just 48 hours, the Naira appreciated N126.64 vs the US dollar at the official foreign exchange market
The Naira strengthened between Thursday and Friday, reaching N1540.78 per dollar on Friday from N1667.42 on Wednesday, according to FMDQ statistics.
In comparison to the N1667.42 exchange rate on Wednesday, this indicates an appreciation of N126.64 against the dollar between Thursday and Friday.
The Naira had a minor weekly increase in value as compared to the N1541.52 exchange rate at the official market last Friday.
The rise indicates that the Central Bank of Nigeria’s intervention during the reviewed week was well-received by the Naira on the official foreign exchange market.
On Wednesday, the CBN sold foreign exchange to reputable Bureau De Change operators for N1590 per dollar.
The Naira dropped to N1700 per dollar on the black market on Friday, from N1663 last week, in spite of CBN’s intervention on BDCs.
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