LAGOS, Nigeria (VOICE OF NAIJA)-On Friday, the Nigerian Naira witnessed a modest upswing in the official market, reaching N1,431.49 to a dollar.
According to data from the FMDQ official trading platform, this represented a strengthening of N21.79 or 1.5 percent compared to the previous day’s rate of N1,453.28 against the dollar.
Despite the positive movement, the total turnover decreased to $199.71 million on Friday, down from $288.47 million recorded on Thursday.
Meanwhile, at the Investors and Exporters’ window, the Naira traded within the range of N1,468 and N1,301 against the dollar.
READ ALSO: Naira Is N1,300 To A Dollar In Parallel Market
This development comes in the wake of the Central Bank of Nigeria’s announcement regarding the successful clearance of the valid foreign exchange backlog, signalling a positive outlook for the forex market.
In recent weeks, the Naira has been showing signs of resilience, buoyed by various interventions by the Central Bank of Nigeria aimed at stabilising the currency.
Analysts attribute this appreciation to increased dollar inflows from various sources, including Diaspora remittances and oil exports.
Despite lingering uncertainties in the global economy, particularly regarding energy markets and geopolitical tensions, the gradual improvement in Nigeria’s foreign exchange reserves and the successful resolution of the foreign exchange backlog are contributing to a more optimistic outlook for the Naira.