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Naira appreciates against US dollars at forex market Friday

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The forex market saw the Naira appreciate against the US dollar on Friday. Data from FMDQ revealed that the Naira traded at N1,469.97 per US dollar, showing a gain compared to previous days. This marked a 0.6 percent or N9.5 increase compared to the previous trading session. However, it is N50 lower than the rate at the beginning of the week. At the Parallel Market, the Naira dropped to N1,490 per Dollar on Friday from N1,440 on Thursday. The Central Bank of Nigeria Governor, Olayemi Cardoso, assured of exchange rate stability in a discussion with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday. In addition, the CBN recently issued the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms, which saw the Naira rise to N1,500 per dollar from N891.

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