Naira Maintains Strength Trend Against USD in Forex Market
The Naira ended last week on a positive note as it continued its appreciation against the US Dollar at the foreign exchange market.
FMDQ data showed that the Naira appreciated to N1,602.75 on Friday from N1608.98 recorded on Thursday.
This represents a N6.23 gain compared to the N1,608.98 recorded the previous day.
The development comes despite the USD transactions plunged by 44.7 per cent to $137.43 million from $248.75 million on Thursday.
At the parallel market, the Naira traded between N1,610 and 1,620 per USD.
Recall that all through last week, the Naira had settled at an average of N1,608 per USD.
On Thursday, the Central Bank of Nigeria in a circular warned that commercial banks should desist from profiting through Naira revaluation.
Recall that between June last year and March 15 2024, CBN had floated the Naira twice which saw the Country’s currency trading at N1,602.75 per USD from N460 in May 2023.
