Naira Gains Momentum, Strengthens by ₦6.45 Against Dollar After Christmas Break

|By Adejumo Adekunle-

The naira appreciated significantly against the dollar in the foreign exchange market as activities resumed after the Christmas holidays. FMDQ data revealed that the naira climbed to ₦1,534 per dollar on Friday, up from ₦1,540.45 on Tuesday, marking a ₦6.45 gain.

In the black market, the naira closed on Friday at ₦1,650 per dollar, steady compared to the range of ₦1,638 to ₦1,650 earlier in the week.

This fluctuation highlights ongoing volatility in Nigeria’s currency market. Meanwhile, FX turnover surged to ₦23.95 trillion by the end of November 2024, according to FMDQ data, reflecting heightened activity in the sector.