By Yusuf Mutiu-Olaitan
The naira, on Friday, massively appreciated against the dollar at the official foreign exchange market in what’s termed to be a positive end to the week.
Financial Markets Dealers Quotation, FMDQ, data reported that the Naira massively appreciated to N1593.32 per dollar at the close of work on Friday from N1625.88 exchanged on Thursday that was earlier reported.
It represents a significant 32.56 strength against the dollar compared to the N1625.88 exchange rate the previous day.
Meanwhile, the black market continued its depreciation to close at N1,665 per dollar on Friday from N1660 on Thursday.
This means that the Naira closed with a mis-sentiment on Friday, that is it strengthened at the official market while lost at the black market.
On a week-on-week basis, the Naira gained N5.24 compared to the N1598.56 exchange rate last week Friday at the official foreign exchange market.
Meaning that the naira is weakened by N20 per dollar on a week-on-week basis compared to the N1645 per dollar last Friday at the black market.