The Naira experienced a modest appreciation against the US dollar and other currencies in the foreign exchange market as the trading day concluded on Friday.
According to data from FMDQ, the Naira strengthened to trade at N1,469.97 per US dollar on Wednesday, up from N1,479.47 on Friday. This indicates a 0.6 percent or N9.5 increase compared to the previous day’s closing rate of 1,433.89 recorded on Tuesday.
However, the Naira’s value of N1,469.97 against the dollar is N50 lower than the rate observed on Monday when the trading week commenced at N1,419.86.
Conversely, in the Parallel Market, the Naira depreciated to N1,490 per Dollar on Friday, down from N1,440 on Thursday.
Meanwhile, during an interaction with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, reassured stakeholders of exchange rate stability.
It is worth noting that the CBN recently introduced reforms, including the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology,’ which led to the Naira’s appreciation to N1,500 per dollar from N891, just over two weeks ago.