Naira appreciates significantly to end week on good note

The naira appreciated significantly against the dollar at the foreign exchange market to end the week on a good after several days of depreciation.

FMDQ data showed that the naira gained to N1600.78 per dollar on Friday from N1660.49 exchanged on Thursday. This represents an N59.71 appreciation.

The development comes as FX transactions increased to $350.72 million on Friday from $330.18 million on Thursday.

This comes after three days of depreciation against the dollar.

In the week under review, the naira had appreciated twice and depreciated thrice at the official FX market.

Meanwhile, at the parallel market, the naira fell to N1725 per dollar on Friday from N1705 recorded the previous day.

In the past months, the naira has continued to fluctuate against the dollar at the FX market despite interventions by the Central Bank of Nigeria.

Olayemi Cardoso, the Central Bank governor, recently said a weak naira is advantageous with adequate investment into the country.

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