Naira appreciates against dollar after Christmas holidays

The Nigerian naira appreciated against the US dollar in the foreign exchange market following the resumption of work after the Christmas holidays.

According to FMDQ data, the naira strengthened to N1,534 per dollar on Friday, improving from N1,540.45 recorded on Tuesday, marking a gain of N6.45.

In the parallel market, the naira closed at N1,650 per dollar on Friday, compared to the range of N1,638 to N1,650 exchanged earlier on Tuesday.

The fluctuation in the naira’s value highlights ongoing volatility in Africa’s most populous nation’s FX market in recent days.

Meanwhile, IDOMA VOICE reports that FX turnover rose to N23.95 trillion by the end of November 2024, as revealed by FMDQ data.