Nigeria’s currency, the naira, which has been depreciating for months in the foreign exchange market, ended this week on a positive note at the rate of N1,431.49 against one US Dollar at the official market.

According to the rate quoted at the Nigeria Autonomous Foreign Exchange Market (NAFEM) where the naira and other foreign currencies are officially traded, this is a 1.50 per cent gain compared to Thursday’s closing rate of N1,453/$1.

According to data published by FMDQ Exchange, the Naira recorded an intra-day high of N1,468/$1 and a low of N1,301/$1. The data also indicated a forex daily turnover of $199.7 million culminating in a total turnover of $1 billion this week alone, reflecting an improved liquidity which experts have said was needed to bring down the rate of exchange which is still high compared to what it was about nine months ago.

On the parallel market where the exchange rate trades unofficially, traders quoted between N1400 and N1480/$1.
The naira has sustained its trend of appreciation since the week began on Monday, 18 March 2024 when it closed trading at N1,572.86/$1 against N1,602.75/$1 it traded on Friday, 15 March 2024 at the official market.
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