Sat Sep 14 05:55:54 UTC 2024: ## Naira Strengthens at Official Market, Remains Steady at Black Market
**Lagos, Nigeria –** The Nigerian Naira experienced a positive shift at the official foreign exchange market last week, gaining N46.91 against the US Dollar. Data released by the FMDQ showed the Naira closing at N1,546.41 per dollar on Friday, September 13, compared to N1,593.32 the previous week. This represents a significant rebound for the Naira, which had experienced fluctuations throughout the week.
While the Naira strengthened at the official market, it remained flat at the black market, trading at N1,665 per dollar on Friday, the same as the previous week.
The Naira’s performance during the week was marked by mixed sentiments. It appreciated against the dollar on Monday, Wednesday, and Friday, but depreciated on Tuesday and Thursday.
Experts attribute the Naira’s strength at the official market to a surge in Nigeria’s external reserves, which have climbed to $36.881 billion, according to the Central Bank of Nigeria. This increase in reserves is believed to be bolstering confidence in the Naira.
Despite the positive developments at the official market, the black market continues to reflect a different picture. The disparity between the official and black market rates highlights the ongoing challenges facing the Nigerian economy.
First Piper 