Naira appreciates against US dollars at forex market Friday

The Naira appreciated slightly against the US dollar and other currencies at the foreign exchange market at the close of work on Friday.

Data from FMDQ showed that the Naira recorded a gain to trade at N1,469.97 per US dollar on Wednesday from N1,479.47 on Friday.

This represents a 0.6 percent or N9.5 gain compared to 1,433.89 recorded at the close of trading on Tuesday.

However, the N1,469.97 against the dollar is N50 lower when compared to the feat achieved on Monday when the trading week commenced at N1419.86.

At the Parallel Market, Naira dropped to N1,490 per Dollar on Friday from N1,440 on Thursday. Meanwhile, the Central Bank of Nigeria Governor, Olayemi Cardoso, assured of exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday.

It can be recalled that CBN issued the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms barely two weeks ago, which saw the Niara’s rise to N1,500 per dollar from N891.