Naira Gains Against Dollar to End Week on Good Note

The naira saw further gains against the dollar in the foreign exchange market, ending the week on a positive note.

According to FMDQ data, the naira appreciated to ₦1,631.21 per dollar on Friday, up from ₦1,659.26 on Thursday, marking a gain of ₦28.05 against the dollar.

In the parallel market, the naira also strengthened, rising by ₦10 to ₦1,670 on Friday, compared to ₦1,680 on Thursday.

This improvement came despite a decline in foreign exchange transaction turnover, which fell to $238.36 million on Friday from $450.39 million on Thursday.

On Thursday, the Central Bank of Nigeria (CBN) introduced new foreign exchange code guidelines to stabilise the naira and implemented an electronic FX matching system to curb speculation.