Naira Appreciates Against Dollar

The Nigerian naira, just on Tuesday, strengthened against the US dollar in foreign exchange markets.

According to data from the official FMDQ market, the Naira finished Friday at 780.14 Naira per US Dollar, a decline of 216.61 Naira from the previous day when it traded at 996.75 Naira per US Dollar.

On Thursday, the Naira was traded for 1130 Naira per US Dollar on the parallel market, down from 1140 Naira the previous day.

Nigerians purchased Dollars for N1100 on Friday, down from N1140 on Wednesday, according to Dayyabu Mistila, a Bureau de Change operator in Zone 4 Abuja.

Similarly, the Naira was trading at 1054.2 Naira to the USD on the Binance P2P market on Saturday morning.

The event comes only 24 hours after the Central Bank of Nigeria threatened to crack down on currency speculators.

Remember that the Naira rose against the US dollar last week when the Central Bank of Nigeria cleared currency backlogs at several commercial banks and airlines.