Naira Appreciates Against the Dollar in the Black Market

News - Women's Perspective

The Naira on Friday, rose to ₦1,640 per dollar in the unofficial market, up from ₦1,650 per dollar the day before.

Similarly, the local currency saw an increase to ₦1,541.52 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

According to the FMDQ, the average exchange rate for NAFEM dropped to ₦1,541.52 per dollar from ₦1,544.02 per dollar on Thursday, suggesting an appreciation of ₦2.5 for the Naira.

Information from FMDQ also indicated that the amount of dollars exchanged (turnover) in the official market surged by 117.7 percent, reaching $190.57 million compared to $87.51 million the day before.

For this reason, the difference between the unofficial market rate and the NAFEM rate became smaller, dropping to ₦98.48 per dollar from ₦105.98 per dollar on Thursday.