Naira appreciates against dollar after three days of depreciation

The naira appreciated against the dollar at the official foreign exchange market on Friday, ending a three-day depreciation streak.

Data from the Central Bank of Nigeria showed that the naira strengthened to N1,547.36 against the dollar on Friday, compared to N1,549.41 recorded on Thursday.

This indicates a gain of N2.05 against the dollar on a day-to-day basis at the official foreign exchange market.

Meanwhile, at the black market, the naira remained stable at N1,600 per dollar on Friday, the same rate as Thursday. A Bureau De Change operator in Wuse Zone 4, Abuja, Abubakar Alhasan, confirmed this to DAILY POST.

“We buy a dollar at N1,590 and sell at N1,600 on Friday,” Alhasan said.

A week-on-week analysis of the foreign exchange markets showed that the naira appreciated by N2.73 and N6 at the official and parallel FX markets respectively.