Taiwo Popoola
The Naira gained N45 against the dollar at the parallel foreign exchange market on a week-on-week basis.
Analysis of the FX trade review at the black market from Monday, 3 February 2025 to 7th, showed that the Naira appreciated by N40 to N1,565 per dollar from N1,610.
This indicated that the Nigerian naira firmed up against the dollar and other foreign currencies at the FX black market in the week under review.
While the Naira recorded a gain against the dollar at the parallel market, it fell at the official market.
Accordingly, at the official marker, the Naira dropped by N21.63 to close at N1,500.41 last Friday compared to the N1,478.78 exchange rate the previous weekend.
The development comes amid reforms by the Central Bank of Nigeria last week.
In the week under review, the apex bank strengthened efforts towards effective implementation of its recently introduced FX Code.
Similarly, CBN in the week under review extended FX sales to authorized Bureau de Change operators.
