Business
Dollar loses massively against Naira in new exchange rate
The Naira appreciated against the Dollar in the foreign exchange market, closing the week on a positive note. According to data from FMDQ, the Naira gained value, trading at N1570.14 per dollar on Friday, an improvement from the N1586.11 rate recorded on Thursday. This represents a significant gain of N15.97 against the Dollar.
Similarly, the Naira also strengthened in the black market, where it appreciated to N1615 per dollar on Friday, compared to N1620 exchanged the previous day. This shows a N5 improvement in the unofficial market.
Further analysis indicates that the Naira ended the week at N5.66 lower than the previous week’s rate of N1,564.48 per dollar. This recent appreciation follows a sharp decline on Thursday, where the Naira had dropped by N42.27, closing at N1586.11 per dollar.
These fluctuations come amid the Central Bank of Nigeria’s Retail Dutch Auction System (RDAS) regime, which continues to influence exchange rates in the market.
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