Naira regains confidence after nose diving against Dollar for nine days

The Naira appreciated against the dollar at the foreign exchange market on Friday to end the week on a positive note after nine days of depreciation.

FMDQ data showed that the Naira gained at N1505.30 against the dollar on Friday from N1510.10 traded on Thursday.

This represents a N4.8 gain against the dollar compared to the N1510.10 traded the previous day.

Similarly, the Naira saw a gain and traded N1515 against the dollar at the foreign exchange market on Friday.

This is the first time the Naira has appreciated since June 18, 2024, when it traded at N1482.72 per dollar at the official forex market.

The development comes as Nigeria’s external reserves rose to a record high of $34.07 billion on June 26, 2024.