The Naira closed the week on a positive note, showing a slight appreciation against the dollar across both official and parallel foreign exchange markets.
According to FMDQ data released at the end of trading on Friday, the Naira was valued at N1400.40 per Dollar, marking an improvement from its previous rate of N1402.67 on Thursday.
This translates to a 2.27% gain in value against the Dollar on Friday, compared to the rate of N1402.67 per Dollar the day before.
Similarly, in the parallel market, the Naira strengthened by N50, trading at N1,290 per dollar on Friday, a positive shift from N1,340 observed on Thursday.
However, when considering the weekly performance, the Naira experienced a loss of N63.44 against the Dollar compared to the rate of N1339.23 recorded on April 26, 2024, in the official market.
Aminu Gwadabe, the National President of Bureaux de Change Operators in Nigeria, emphasized in a recent exclusive interview with NewsNow that the harmonization of the retail forex sector and continued collaboration with the Central Bank of Nigeria could potentially drive the Naira below the N1,000 per dollar threshold in the FX market.