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Naira’s Rise Against the US Dollar in Friday’s Forex Market

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The Naira saw a slight appreciation against the US dollar and other currencies at the foreign exchange market by the close of work on Friday.

According to data from FMDQ, the Naira gained ground, trading at N1,469.97 per US dollar as opposed to the N1,479.47 on Friday.

This represents a 0.6 percent or N9.5 gain from the N1,433.89 recorded at the close of trading on Tuesday.

However, the Naira’s performance against the dollar, at N1,469.97, is N50 lower than the N1,419.86 recorded on Monday, the start of the trading week.

Meanwhile, at the Parallel Market, the Naira dropped to N1,490 per Dollar on Friday from N1,440 on Thursday.

In related news, Olayemi Cardoso, the Central Bank of Nigeria Governor, assured of exchange rate stability during a discussion with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.

It is worth noting that barely two weeks ago, CBN issued the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms, resulting in the Naira’s rise to N1,500 per dollar from N891.

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