Naira Appreciates to N1,474/$ At Official Rate Despite Parallel Market Drop

The Nigerian currency, the Naira, strengthened its position against the US dollar and other major currencies in the foreign exchange market on Friday, according to data from FMDQ Securities Exchange.

The Naira closed at N1,474.62 per US dollar on Friday, up from N1,479.47 on Wednesday, marking a 0.6 percent or N9.5 increase. This was also higher than the N1,433.89 recorded on Tuesday.

However, the Naira lost some ground compared to Monday, when it opened the trading week at N1,419.86 per US dollar.

The Naira also weakened in the parallel market, where it fell to N1,490 per US dollar on Friday, down from N1,440 on Thursday.

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, assured the public of the stability of the exchange rate when he met with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.

He said the CBN was committed to implementing the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms that were introduced two weeks ago, which boosted the Naira to N1,500 per US dollar from N891.

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