Naira Records Slight Gains Against Dollar In Official And Parallel Forex Markets

Naira Records Slight Gains Against Dollar In Official And Parallel Forex Markets

As the week drew to a close, the Naira saw a modest appreciation against the dollar in both the official and parallel foreign exchange markets……READ ALSO Black Market Dollar To Naira Exchange Rate Today May 4th, 2024

According to FMDQ data at Friday’s close, the Naira strengthened to N1400.40 per Dollar from N1402.67, marking a 2.27 gain compared to the previous day’s rate.

Similarly, in the parallel market, the Naira showed resilience, climbing by N50 to trade at N1,290 per dollar on Friday, contrasting with N1,340 on Thursday.

Despite this daily improvement, the Naira experienced a week-on-week setback, shedding N63.44 against the Dollar compared to the rate of N1339.23 recorded on April 26, 2024, in the official market.

Aminu Gwadabe, the National President of Bureaux de Change Operators in Nigeria, shared in an exclusive interview with DAILY POST that concerted efforts towards harmonizing retail forex operations, coupled with ongoing collaboration with the Central Bank of Nigeria, could potentially drive the Naira below the N1,000 per dollar mark in the FX market.

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