The foreign exchange market on Friday reversed its previous gain as it opened with an indicative rate of N387.10k per dollar at the Investors and Exporters (I&E) forex window.
This represents N1.27k depreciation when compared with N385.83k opened with on Thursday according to the data from FMDQ.
The local currency strengthened by N0.36k as the dollar was quoted at N386.58k on Thursday compared with N386.94k traded on Wednesday at the I&E window.
At the parallel market popularly called the black market, the cost of dollar was N455 the same rate it closed with on Thursday.
The official rate at the Central Bank of Nigeria (CBN) also remained stable at N361.00k per dollar. Scarcity of the greenback has persisted in the market following the sharp drop in the price of oil. The price of Brent crude stood at $32.07 per barrel as at Friday morning.
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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.
