The Naira appreciated to N1593.32 per dollar at the official forex market on Friday, but depreciated to N1,665 per dollar on the black market.
[dropcap]T[/dropcap]he Naira showed significant improvement against the US dollar at the official foreign exchange market on Friday, strengthening to N1593.32 per dollar from the previous day’s rate of N1625.88.
This marks a notable gain of 32.56, reflecting positive momentum at the end of the trading week.
Also read: Naira appreciates 0.6% against dollar at official market
However, the black market painted a contrasting picture, with the Naira weakening further to N1,665 per dollar, compared to Thursday’s rate of N1660.
This divergence highlights the growing disparity between the official and parallel market rates.
Week-on-week, the Naira gained N5.24 at the official forex market, improving from N1598.56 last Friday.
However, in the black market, it experienced a decline of N20 per dollar, weakening from N1645 per dollar the previous week.
This mixed trend in the currency market reflects ongoing pressures on the Naira, with various factors influencing its performance across different platforms.
While the official market shows signs of strengthening, the black market continues to exhibit depreciation, creating a gap that has yet to be bridged.
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
