Naira rises on $245.17m supply

The naira ended the official foreign exchange (FX) market on a positive note on Friday, rising by 2.9 percent on increased dollar supply worth $245.17 million.

The naira gained as the dollar was quoted at N1,593.32 on Friday compared to N1,639.41 quoted on Thursday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.

For the past three trading days, the local currency has recorded losses due to strong demand for dollars by the end users.

The naira lost 0.47 percent against the dollar for five trading days from N1,585.77 on Monday to $1,593.32 on Friday, the last trading day for the week.

The dollar supplied by willing sellers and willing buyers surged by 244.4 percent for five trading days to $245.17 million on Friday from $$71.18 million recorded on Monday at the NAFEM.

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On a day-on-day basis, the dollar supply rose by 31.96 percent to $245.17 million on Friday from $185.79 million recorded on Thursday.

The intraday high closed at N1,665 on Friday compared to N1,650 closed on Thursday, while the intraday low printed at N1,580 on Friday from N1,410 on Thursday.

At the parallel market, also known as the black market, the Naira lost N25 in five trading days to close at N1,660 on Friday as against N1,635 closed on Monday.

On a daily trading basis the naira steadied at N1,660 on the black market.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.