Naira gains at official market, trades at N1,421/$

Naira gains at official market, trades at N1,421/$

The naira appreciated to N1,421 per dollar at the official section of the foreign exchange (FX) market on Friday.

Data from the Nigerian foreign exchange market (NFEM) — the country’s official market — showed that the currency gained N15.23 or 1.04 percent from the N1,436/$ recorded on October 30.

The latest recovery signals the naira’s strongest performance so far this year, and reflects a weeklong positive trend that has seen the local currency record consistent gains against the greenback.

According to the data, the local currency began the week at N1,452 to the dollar on Monday, appreciating further to N1,448 on Tuesday, and N1,444 on Wednesday.

At the parallel section of the market, the naira also appreciated throughout the week, selling at N1,490 per dollar on October 27 and October 28; N1,480 on October 29; N1,460 on October 30, and N1,450 on October 31.

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