The Naira wrapped up the week on a high note, continuing its steady climb against the US Dollar by closing at ₦1,580.44 on Friday in the official foreign exchange market.
According to figures published on the Central Bank of Nigeria’s website, the local currency appreciated by ₦4.51k on Friday alone.
This represents a 0.28 per cent gain compared to Thursday’s closing rate of ₦1,584.95 at the official forex window.
Throughout the week, the Naira maintained a consistent upward trajectory. It began on Monday, May 19, trading at ₦1,598.68, improved to ₦1,590.45 on Tuesday, and reached ₦1,584.49 by Wednesday.
This positive streak reflects growing investor confidence and an uptick in forex supply, both of which have helped bolster the Naira’s value.
In a related development, the Central Bank of Nigeria, during its 300th Monetary Policy Committee meeting held on Monday and Tuesday, opted to keep the Monetary Policy Rate unchanged at 27.5 per cent.
