The naira surged in value on Friday, bringing a wave of optimism as it closed the week on a high note.
According to FMDQ data, the naira soared to N1540.78 per dollar, a significant improvement from the N1576.10 recorded just a day earlier, marking a gain of N35.32. Over the last two days, the currency has appreciated by an impressive N126.64 against the dollar in the official foreign exchange market.
In contrast, the black market presented a slightly different picture, with the naira closing at N1700 per dollar — a N5 dip from Thursday’s rate of N1695.
This appreciation follows the Central Bank of Nigeria’s recent sale of foreign exchange to Bureau De Change operators at N1590 per dollar on Wednesday, a decisive move to stabilize the market.
When viewed on a week-on-week basis, the naira has shown resilience, appreciating slightly in value compared to the N1541.52 exchanged last Friday in the official market.
