The Naira has continued its appreciation as it sold around ₦1,300.00 on both the official and the parallel/black markets on Good Friday.
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Naira Rates posted on X (formerly Twitter) that the Nigerian currency exchanged at ₦1,315.81 per United States Dollars on Friday.
Fri 29 Mar, 2024 • 11:00 AM
💵 1 USD ⇛ ₦1,315.817
💷 1 GBP ⇛ ₦1,654.589
💶 1 EUR ⇛ ₦1,413.524
💶 1 CAD ⇛ ₦930.544
v1.1.6— ₦aira Rates (@naira_rates) March 29, 2024
On the official window, the naira exchanged at ₦1,309.39 per US$ on NAFEM at the close of the exchange for the Easter Holidays on Thursday.
Thursday’s closing figures represents a 0.69% depreciation on the currency as it closed at ₦1,300.43 to the US$ on Wednesday.
It traded at a high of ₦1,392.00 per US$ and a low of ₦1,250.00 per US$ on Thursday.
In the Easter week, the naira has appreciated from ₦1,408.04 per US$ on 25th March, to ₦1,309.39 per US$ on 28th March on the official market.
On the black market, it appreciated from ₦1,405.46 per US$ on 25th March, to ₦1,315.87 per US$ on 28th March.
Turnover in Nigeria’s foreign exchange market jumped to the highest in a single day since 2017 on Thursday, as foreign investor dollars poured in.
Analysts say the days of $1 billion in daily trades are near. Foreign inflows into naira assets has surged following the Central bank’s 600 basis-point hike in one month. The Apex bank took the move after allowing the naira to trade freely.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
