Naira Strengthens Against Dollar at Official, Black Market in Final Session

The Naira continued to strong-arm the US Dollar as it made a 1.7 percent gain in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, October 4 as the local currency gained a value of N28.05 to close the closing session at N1,631.21/$1 at the official window.

According to data obtained from the FMDQ Securities Exchange, compared to N1,659.26/$1 published in the preceding session on Thursday.

Turnover published on the FMDQ Group website stood at $239.36 million indicating that the session’s turnover slid by 46.9 percent, indicating that there was a decrease of $211.03 million compared to $450.39 million published the previous day.

Equally, the domestic currency also witnessed gains against the British currency and the Euro in the week’s final session.

On the Pound Sterling, the local currency made an appreciation of N24.21 to wrap the session at N2,175.44/£1 from N2,199.65/£1 that it sold at the previous session.

Also, against the Euro, the Nigerian currency closed at N1,830.11/€1 versus N1,830.89/€1, indicating a 78 Kobo appreciation.

In the black market, the Naira also gained on the American currency by N5.23 to close at N1,676.56 per Dollar from N1,681.79.

It also made the same movement against the British Pound as it rose by N17.10 to N2,153.83 against N2,170.93 and trading against the Euro, the local currency added N6.93 to N1,852.10 versus N1,859.03.

It equally recorded a positive end result against the Canadian Dollar as it gained N10.52 to end the last session at N1,202.18 from Wednesday’s N1,212.72.