The Nigerian Naira continued its upward trend against the United States Dollar, recording its third straight day of appreciation at both the official and parallel foreign exchange markets on Friday.
According to data from the Central Bank of Nigeria, the Naira strengthened to N1,532.51 per Dollar at the official market, up from N1,534.52 on Thursday—a daily gain of N2.01.
The positive momentum was also reflected in the parallel market, where the Naira appreciated by N5, trading at N1,560 per Dollar compared to N1,565 the previous day.
On a weekly basis, the Naira gained N1.05 at the official market and N5 at the black market, signaling a gradual stabilization in the foreign exchange landscape.
The currency’s rebound coincides with the latest inflation report from the National Bureau of Statistics, which showed a decline in Nigeria’s inflation rate to 21.88% in July, down from 22.22% in June.
The simultaneous improvement in exchange rate stability and easing inflation suggests cautious optimism for the country’s economic outlook.
