Ending the week on a high note, the naira experienced a remarkable appreciation against the dollar in both official and black markets.
According to FMDQ data, the naira strengthened to N1,574.20 per dollar on Friday, a notable increase from N1,593.62 recorded on Thursday.
At the official market, this marked a significant gain of N19.42 against the dollar compared to the previous day’s exchange rate of N1,593.62.
Likewise, in the black market, the naira saw a rise of N5 to close at N1,605 per dollar on Friday, up from N1,610 the day before.
“We initially sold at N1,625 per dollar on Friday morning, but the price dropped to N1,605 by Friday evening,” shared Dayyabu Ashiru, a Bureau de Change operator in Wuse Zone 4.
Over the week, the naira saw an improvement of N42.88 at the official market, where it climbed from N1,617.08 against the dollar the previous Friday to N1,574.20.
Furthermore, foreign exchange transaction turnover surged to N323.11 million on Friday, a notable increase from $61.9 million three days prior, as per FMDQ data.
The positive trend of the naira against the dollar during the week coincides with the commencement of the Retail Dutch Auction System by the Central Bank of Nigeria on Wednesday.
The apex bank revealed that it auctioned $876.26 million to 26 banks at a rate of N1,495 per dollar on Wednesday.