The Nigerian currency, Naira, ended the week on a high note, appreciating significantly against the US dollar.
FMDQ Data:
Naira gained N103.38 to close at N1,546.41/$ on Friday.
Previous Day’s Rate:
N1649.79/$ on Thursday.
Black Market:
Naira depreciated by N10 to N1,665/$.
CBN Interventions:
Despite efforts, Naira continues to experience fluctuations.
Market Volatility:
Naira recorded gains and losses throughout the week.
Key Statistics:
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Official Market: N1,546.41/$ (Friday)
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Black Market: N1,665/$ (Friday)
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Previous Day’s Official Rate: N1649.79/$
Economic Implications:
Naira’s appreciation may boost investor confidence.
Next Steps:
Market watchers await CBN’s next move to stabilize currency.
