Naira falls on official counter, rises on parallel market

Naira gains further gains against US dollar in foreign exchange market


The Naira extended its gains against the US dollar on Friday in the official foreign exchange market.

As of Friday's close, the naira had appreciated by N869.13 to the dollar, according to FMDQ data.

This corresponds to an increase of 26.1 naira or 3% in local currency compared to Thursday's closing price of 895.23 naira.

On Thursday, the country's currency strengthened against the US dollar for the first time this new year.

Meanwhile, in the parallel market on Friday, the Naira depreciated by 1.99% to N1,255 to the dollar from N1,230 to the dollar.

DAILY POST reported that the Federal Government of Nigeria received a $2.25 billion foreign exchange support loan from the African Export-Import Bank just a week ago.

Source: dailypost.ng

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