At the conclusion of the week, the Naira experienced a slight appreciation against the dollar in both the official and parallel foreign exchange markets.
According to FMDQ data released at Friday’s close, the Naira was exchanged at N1400.40 per Dollar, compared to N1402.67 the previous day.
This marks a gain of 2.27 against the Dollar on Friday compared to the rate of N1402.67 per Dollar on Thursday.
Similarly, in the parallel market, the Naira saw an increase of N50, trading at N1,290 per dollar on Friday, up from N1,340 on Thursday.
However, looking at the week-on-week performance, the Naira experienced a loss of N63.44 against the Dollar, compared to the rate of N1339.23 recorded on April 26, 2024, in the official market.
Aminu Gwadabe, the National President of Bureaux de Change Operators in Nigeria, recently shared in an exclusive interview that a harmonization of the retail end of forex and continued collaboration with the Central Bank of Nigeria could potentially bring down the Naira to below the N1,000 per dollar mark in the FX market.
