The Naira registered its first appreciation against the U.S. dollar on Friday, breaking a week-long depreciation streak at the official foreign exchange (FX) market.
According to market data, the Naira strengthened to N1,550.36 per dollar on Friday, improving from N1,554.85/$1 recorded on Thursday. This slight gain of N4.49 marks the currency’s only appreciation during the trading week.
Black Market Exchange Rate Remains Unchanged
While the official exchange rate saw a marginal improvement, the black-market rate remained stable at N1,590 per dollar, the same rate as the previous day. Despite Friday’s appreciation, the Naira generally experienced a downward trend throughout the week.
Weekly Performance: More Losses Than Gains
Compared to its position last Friday, when it stood at N1,517.24/$1, the Naira has weakened by N33.12 over the week. Similarly, in the parallel market, the Naira declined by N10 on a week-on-week basis, dropping from N1,580/$1 recorded last Friday.
Although Friday’s appreciation brought slight relief, the overall performance of the Naira during the week reflected a greater depreciation trend amid ongoing forex market volatility.
