Naira gains N28.05 against dollar in new exchange rate

The naira appreciated further against the dollar in the foreign exchange market, ending the week on a positive note.

Data from FMDQ revealed that the naira strengthened to N1,631.21 per dollar on Friday, up from N1,659.26 traded on Thursday, marking a gain of N28.05 against the dollar.

In the black market, however, the naira fell by N10, closing at N1,670 on Friday, compared to N1,680 on Thursday.

This fluctuation occurs despite a decline in foreign exchange transaction turnover, which dropped to $238.36 million on Friday from $450.39 million recorded on Thursday.

DAILY POST recalls that the Central Bank of Nigeria introduced new FX code guidelines on Thursday aimed at stabilizing the naira.