Nigeria’s currency, the Naira, concluded the trading week positively, achieving a bullish close on Friday within the official foreign exchange market.
It appreciated by ₦1,598.72 against the U.S. Dollar, indicating a modest gain that reflects ongoing efforts to stabilise the local currency.
According to data released on the Central Bank of Nigeria (CBN) official website, the Naira strengthened by ₦0.60k against the Dollar on Friday.
This upward trend signifies a 0.03 per cent appreciation compared to the ₦1,599.32 exchange rate noted at the end of trading on Thursday.
Naija News reports that earlier in the week, the local currency demonstrated resilience, recording gains during both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a more substantial gain of 0.21 per cent on Wednesday.
These advancements were interpreted as positive signs of increasing investor confidence and enhanced supply in the foreign exchange market.
However, Thursday’s trading session experienced a slight setback, with the Naira declining by ₦2.62 against the Dollar, which represented a 0.16 per cent depreciation, undermining the midweek rally observed in prior sessions.
Market analysts attributed Thursday’s decline to a temporary rise in Dollar demand from importers and other market participants.
Nevertheless, the week concluded positively, with the Naira exhibiting signs of gradual recovery and enhanced market stability.
Analysts are closely observing the Central Bank’s policies, particularly interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the upcoming weeks will likely hinge on consistent supply inflows and investor sentiment across the broader economic landscape.
