The Nigerian Naira closed the trading week with a modest appreciation against the United States Dollar at the official foreign exchange market on Friday, settling at N1,598.72 per dollar.
According to data published on the Central Bank of Nigeria’s official website, the local currency strengthened by N0.60k compared to Thursday’s closing rate of N1,599.32, representing a 0.03 per cent gain. This positive movement capped a week of mixed performance for the Naira in the official market.
The currency had shown resilience earlier in the week, recording gains on both Tuesday and Wednesday. On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger 0.21 per cent gain on Wednesday.
These improvements were viewed as indicators of growing investor confidence and improved dollar supply in the official market.
However, Thursday’s trading session saw a slight reversal as the Naira depreciated by N2.62 against the Dollar, representing a 0.16 per cent loss. Market analysts attributed this temporary setback to increased dollar demand from importers and other market participants.
Despite Thursday’s minor dip, the week ultimately closed on a positive note, with the Naira demonstrating signs of gradual recovery and improved market stability.
Financial experts continue to monitor the Central Bank’s policies, particularly its interventions aimed at boosting dollar liquidity and managing demand pressures.