At the end of trading on Friday, the naira had both positive and negative run at the parallel and official markets respectively.
In the parallel foreign exchange market, the Naira achieved its largest gain against the Dollar witnessing a week-on-week surge that caught the attention of traders and investors alike.
A Bureau de Change operator in Wuse Zone, Abuja, reported that the Naira strengthened to N1570 per Dollar, a notable increase from the N1590 per Dollar traded the previous day. This translates to a remarkable gain of N20 within just one day—the highest appreciation recorded since the start of the week.
However, in a sharp contrast, the official market painted a different picture, as the Naira slipped to N1,500.41 per Dollar on Friday down from N1,499.98 the day before.
In summary, on the last day of trading for the week, the Naira rose by N20 at the black market while experiencing a drop of N0.89 in the official market.
This fluctuation comes on the heels of the Central Bank of Nigeria’s latest move to enhance oversight on Bureau de Change operators across the nation. The apex bank’s Trade and Exchange Department has imposed a new cap, limiting weekly foreign exchange sales to BDC operators to $25,000.
