By Ogaga Ariemu The naira appreciated massively against the dollar at both official and black markets to end the week on a good note...
By Ogaga Ariemu
The naira appreciated massively against the dollar at both
official and black markets to end the week on a good note.
FMDQ data showed that the naira strengthened to N1,574.20
per dollar on Friday from N1,593.62 on Thursday.
This represents N19.42 gain against the dollar at the
official market compared to the N1593.62 exchanged the previous day.
Similarly, at the black market, the naira gained N5 to close
at N1605 per dollar on Friday from N1610 the previous day.
“We sold for N1,625 per dollar in the morning of Friday but
the price crashed to N1605 on Friday evening,” Dayyabu Ashiru, a Bureau de
Change operator in Wuse Zone 4 told DAILY POST.
On a week-on-week basis, the naira gained by N42.88 at the
official market from N1617.08 exchanged against the dollar last Friday to
N1,574.20.
This comes as foreign exchange transaction turnover
increased to N323.11 million on Friday from $61.9 million three days ago,
according to FMDQ data.
The gains recorded by the naira against the dollar in the
week under review come amid the Central Bank of Nigeria’s commencement of the
Retail Dutch Auction System on Wednesday.
The apex bank disclosed that it sold $876.26 million to 26
banks at an N1,495 per dollar rate on Wednesday.
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