The Nigerian naira appreciated against the US dollar in the foreign exchange market following the resumption of economic activities after the Christmas holidays.
Data from FMDQ showed that the naira strengthened to N1,534 per dollar on Friday, reflecting a gain of N6.45 compared to the exchange rate of N1,540.45 recorded on Tuesday. This improvement highlights a modest recovery in the value of the currency.
In the parallel market, commonly referred to as the black market, the naira closed on Friday at N1,650 per dollar. This was within the range of N1,638 to N1,650 per dollar observed on Tuesday. The fluctuations in rates underscore the ongoing volatility of Nigeria’s currency in recent days across different exchange platforms.
Meanwhile, foreign exchange turnover increased significantly, reaching N23.95 trillion by the end of November 2024, according to data from FMDQ. This rise in turnover suggests heightened activity in the FX market, which may be contributing to the recent currency movements.
NewdayReporters notes that these developments are reflective of the broader challenges and dynamics affecting Nigeria’s foreign exchange market, particularly in Africa’s most populous nation.
