Naira in massive gain at forex over dollar

Similarly, in the black market, the naira improved by ₦5, closing at ₦1,605 per dollar on Friday, compared to ₦1,610 the previous day. A Bureau de Change operator in Wuse Zone 4, Dayyabu Ashiru, noted that the rate dropped from ₦1,625 in the morning to ₦1,605 by the evening.

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On a week-on-week basis, the naira appreciated by ₦42.88 in the official market, moving from ₦1,617.08 per dollar last Friday to ₦1,574.20. This appreciation coincides with an increase in foreign exchange transaction turnover, which rose to $323.11 million on Friday from $61.9 million earlier in the week.

The naira’s gains came as the Central Bank of Nigeria (CBN) initiated the Retail Dutch Auction System on Wednesday, selling $876.26 million to 26 banks at a rate of ₦1,495 per dollar.

Naira in massive gain at forex over dollar