Naira appreciates to N1,600/$ in parallel market

The naira recorded its highest appreciation against the dollar in both the parallel and official foreign exchange markets, ending the week on a positive note.

Exchange data from a Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, showed that the naira closed at N1,595 per dollar on Friday, compared to N1,610 traded on Thursday.

This means that on the black market, the naira gained N15 against the dollar on a day-to-day basis.

Similarly, the Central Bank of Nigeria’s exchange data indicated that the naira strengthened to N1,599.54 per dollar on Friday from N1,601.82 on Thursday.

Accordingly, Nigeria’s currency appreciated by N2.28 against the dollar on a day-to-day basis.

ASIWAJU MEDIA reports that in the past three days, the naira recorded appreciation against the dollar at both FX markets.

On Tuesday, the naira started the week after the Easter break at N1,610 and N1,602.63 per dollar at both black and official markets.