In a recent market development, the Nigerian Naira experienced a marginal uptick against the US dollar and other global currencies as the week concluded. According to data from FMDQ, the Naira strengthened, trading at N1,469.97 per US dollar on Wednesday, marking a noteworthy 0.6 percent gain of N9.5 in comparison to Friday’s rate of N1,479.47.
This positive movement contrasts with the previous day’s closing figure of 1,433.89, reflecting a promising trajectory in the foreign exchange landscape. However, it’s important to note that despite this improvement, the Naira’s value against the dollar is N50 lower than the starting point of the trading week on Monday, which commenced at N1,419.86.
On the Parallel Market, the Naira witnessed a decrease, slipping to N1,490 per Dollar on Friday from Thursday’s N1,440. This fluctuation in the currency’s performance adds an element of volatility to the financial landscape.
In a related context, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, provided reassurance regarding exchange rate stability during an interaction with the Senate Joint Committee on Banking, Insurance, and Financial Institutions in Abuja on Friday. It’s noteworthy that the Central Bank had recently implemented reforms, including the ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology,’ resulting in the Naira’s ascent to N1,500 per dollar from the previous N891, as reported by DAILY POST.
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