The naira closed the official foreign exchange (FX) market on a positive note on Friday, rising 2.9 percent on the increased supply of dollars worth $245.17 million.
The naira gained while the dollar was quoted at N1,593.32 on Friday compared to N1,639.41 observed at the Nigeria Autonomous Foreign Exchange Market ( NAFEM ) on Thursday, according to data from FMDQ Securities Exchange Limited.
During the last three trading days, the local currency recorded losses due to high demand for dollars from end users. The naira lost 0.47 percent against the dollar in five trading days, dropping from N1,585.77 on Monday to $1,593.32 on Friday, the last trading day of the week.
The dollar supplied by willing sellers and buyers jumped 244.4% in five trading days to $245.17 million on Friday, compared with $71.18 million recorded on Monday at NAFEM .
On a daily basis, dollar supply rose 31.96% to $245.17 million on Friday from $185.79 million on Thursday. The intraday high closed at N1,665 on Friday compared to N1,650 on Thursday, while the intraday low was posted at N1,580 on Friday compared to N1,410 on Thursday.
In the parallel market, also known as the black market, the naira lost N25 in five trading days to close at N1,660 on Friday from N1,635 on Monday. On a daily basis, the local currency stabilized at N1660 in the black market.
