Naira Gains Against the Dollar Officially, but Weakens on the Black Market

The naira closed at 1,346.26 per dollar on the official market on Friday, up from 1,361.84 on October 23, a weekly gain of 15.58 naira. On the parallel market, it weakened by 15 naira over the week to 1,390 per dollar. The contrasting moves came as Nigeria’s foreign reserves fell by $20 million over two days, despite a $60 million increase for the week.