Naira Appreciates Over Dollar After Nine Days

The Naira exhibited strength against the Dollar yesterday, Friday, marking a significant turnaround after nine consecutive days of depreciation.

Data sourced from FMDQ revealed that the Naira appreciated to N1505.30 against the Dollar on Friday, compared to N1510.10 in the previous trading session. This represents a notable gain of N4.8 against the Dollar from Thursday’s rate.

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Additionally, on Friday, the Nigerian currency was exchanged at N1515 against the Dollar in the foreign exchange market.

This upturn signifies the first instance of the Naira strengthening against the Dollar since June 18, 2024, when it was valued at N1482.72 per Dollar in the Forex market.

The positive shift coincides with the country’s external reserves climbing to $34.07 billion as of June 26, 2024, reflecting favorable economic indicators.