Naira appreciates against Dollar at forex market, closes week on positive note

📆 28/10/2023 08:04:00

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The week ended positively as the country's currency, the Naira, appreciated both at the official and unofficial foreign exchange markets. At the FMDQ exchange, forex trading closed at N789.94/$1 on Friday from N837.49/$1 on Thursday. Similarly, the Naira appreciated by N137 in the parallel market, exchanging at N1,113/$1 on Friday.

According to Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4, Abuja, Nigerians bought Naira at N1,113/$1 on Friday. The currency appreciated reasonably from the N1,250/$1 traded on Thursday at the parallel market.

The development comes barely 48 hours after the Supreme Court affirmed President Bola Tinubu's victory. Earlier, the Finance Minister, Wale Edun, disclosed that the country would soon receive an inflow of $10 billion in foreign currency to mitigate the forex crisis.

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