NAIRA APPRECIATES MASSIVELY AGAINST U.S DOLLAR ACROSS FX MARKETS
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By: Sefiu Ajape
The naira recorded significant gains against the United States dollar across both official and parallel markets on Friday, ending the week on a positive note.
Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to ₦1,487.90/$1 at the official market, improving from ₦1,498.98/$1 on Thursday — a day-to-day appreciation of ₦11.08.
At the parallel market, the local currency also firmed up, trading at ₦1,522/$1 on Friday compared to ₦1,537/$1 the previous day, representing a gain of ₦15.
The latest development reflects a rebound for the naira after midweek declines, with the currency gaining ₦3.9 on a week-on-week basis from last Friday’s rate of ₦1,501.50/$1.
Meanwhile, CBN data also revealed a sustained rise in the country’s external reserves, which stood at $41.99 billion as of September 18, 2025.
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