Naira Records First Appreciation Against Dollar
•By Admin
LAGOS – The Naira recorded its first appreciation against the dollar on Friday to halt the depreciation streak at the official foreign exchange market this week.
This comes as the Naira strengthened to N1,550.36 per dollar on Friday for the first time in the week under review from N1,554.85 exchanged on Thursday.
The development showed that the Naira slightly edged the dollar by N4.9 on a day-to-day basis.
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Meanwhile at the black market, the Naira remained flat at N1,590 on Friday, the same exchange rate traded on Thursday.
This showed that the Naira in the week under review recorded more depreciation than appreciation. Except on Friday, the Naira fell against the dollar throughout this week at the FX market.
Last week Friday, the Naira stood at N1,517.24 per dollar, but it has weakened by N33.12 when compared to the N1,550.36 traded yesterday at the official market.
Similarly, the Naira dropped by N10 at the black market on a week-on-week basis when compared to N1,580 it closed at last week Friday.
•Dailypost.