Naira Appreciates At Official Market As Dollar Supply Rises On Friday

The Nigerian naira strengthened against the Dollar, recording a marginal gain at the official market on Friday, 20 September.

This means the naira ended the week on a positive note in the foreign exchange market.

According to the Nigeria Autonomous Foreign Exchange Market (NAFEM) data published on the FMDQ Securities and Exchange platform, the naira exchanged N1,541.52 per dollar on Friday. This is a slight gain of N2.5 when compared to Thursday’s closing rate of N1,544.02 per dollar.

The NAFEM data on the FMDQ platform shows that trading at the Investors and Exporters (I&E) was between a high of N1,672.00/$ and a low of N1,535.00/$.

READ ALSO: Naira Crashes Against Dollar As Official Exchange Rate Rises To N1,656

On a week-on-week analysis, the local currency recorded a slight increase in value when compared with N1,546.41/$  on Friday last week, 13 September. Within the week, the naira had crashed to N1,656.49 per dollar at the official market, leading to a loss of N110.08. It, however, appreciated to N1,539.65 per dollar on Wednesday, 18 September. It continued appreciating on Thursday, and ended the week on a good note.

Prime Business Africa reports that dollar supply (as indicated by the FX turnover), surged by 117.77 per cent from $87.51 million on Thursday, to $190.57 million on Friday.

However, on a week-on-basis, the FX turnover decreased by 8.72 per cent when compared with $208.77 million recorded on Friday last week.