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Naira records gains against dollar in official market

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The Nigerian naira experienced a slight appreciation in the Nigerian Autonomous Foreign Exchange (NAFEX) market Friday, closing at N1,593.32 per dollar, improving from the previous day’s rate of N1,639 per dollar.

On the NAFEX window, the naira strengthened by N45.98 to settle at N1,639 per dollar. However, in the parallel market, the currency saw a depreciation of N13, closing at N1,673/$1 compared to the N1,660/$1 rate recorded the day before.

Daily transaction volumes also saw a boost, with a 31.96 percent increase in turnover, reaching $245.17 million, compared to the $185.79 million reported on Thursday.

Friday’s highest spot rate was N1,665, while the lowest spot rate was N1,580. Earlier in the week, the naira had faced depreciation due to liquidity shortages.

Since the removal of foreign exchange controls last year, which had previously kept the naira artificially strong, the currency has lost around 70 percent of its value against the dollar.

Despite finding some stability earlier in 2024 through central bank interventions, including interest rate hikes, the naira is once again feeling renewed pressure.