The Naira gained slightly against the US dollar in the official market on Friday, exchange rate data published on FMDQ website presented.
According to market data compiled by Newslodge, the naira closed at N739.52 to the dollar versus N740.67 it traded for in the previous session on Thursday.
Friday’s rate represents an appreciation of 0.2 percent from N740.67 posted Thursday.
Local fiat experienced an intraday high of N739.00 and a low of N799.90 on Friday before closing at N739.52 on Friday.
It opened on the spot market on Friday at N761.82 to the dollar, but closed at N739.52/$1 as the market recorded $130.92 million in foreign exchange turnover at the end of the day, the data showed.
Meanwhile, the naira tumbled marginally against the dollar on the black market segment on Friday amid government promises to stabilize rates.
Data gathered from forex traders across the country on Friday shows that the dollar traded within the range of N845.00 and N858.00 for $1 compared to the mark of N820.00 and above on Thursday.
ALSO READ: Naira gains on parallel market as government vows to stabilize rates
The currency’s significant appreciation this week began just 24 hours after President Bola Tinubu met acting central bank governor Folashodun Shonubi on Monday with the aim of stabilizing the exchange rate on the unauthorized market.
In recent months, the naira has depreciated nearly 40 percent in official and unofficial currency markets after the government revealed plans to unify market rates to find convergence of its multiple exchange rates and close the differential between both markets.
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Let hear it in the comment below if you do have an opinion on this; Naira wins in I&E window, slips into black market