‎The naira strengthened throughout each the parallel and official international trade markets on Friday, reflecting renewed confidence within the native foreign money.

‎A supply on the Abuja black market advised Financial Confidential that as of Might 16, the naira was exchanging at ₦1,610 per greenback for getting and ₦1,620 per greenback for promoting. This represents a ₦5.33 achieve in comparison with the day past’s trade fee of ₦1,625.

‎In the meantime, the naira continued its upward development within the official international trade market. After opening the week robust on Monday, it appreciated additional on Wednesday, closing at ₦1,596.70 to the U.S. greenback.

‎In accordance with information revealed on the Central Financial institution of Nigeria’s official web site, the naira gained ₦3.33 towards the greenback. The greenback was quoted at ₦1,600.43, reflecting a 0.4 % appreciation in comparison with ₦1,606.15 recorded on Friday on the Nigerian Overseas Change Market (NFEM).