The naira ended the trading week on a stronger note, closing at N1,346.49 to the US dollar at the official foreign exchange market on Friday. The latest movement marks a modest improvement for the local currency as it continues to trade relatively steadily amid ongoing reforms by the Central Bank of Nigeria (CBN).
According to data published on the CBN’s official website, the naira gained N1.13, representing a 0.08 per cent appreciation from the N1,347.62 recorded against the dollar on Thursday. While the gain was relatively small, it capped a week in which the currency largely maintained a stable position at the official market.
The naira began the week on a positive note, opening Monday at N1,349.53 per dollar before recording another appreciation on Tuesday. The currency, however, suffered a slight setback on Wednesday, when it depreciated by 0.5 per cent, showing that pressure in the foreign exchange market remained despite its overall stability.
The setback was short-lived as the naira bounced back on Thursday, gaining N2.79 against the dollar. It extended that recovery into Friday, finishing the week at N1,346.49 per dollar and recording only one day of depreciation throughout the trading period.
The latest performance highlights the naira’s relatively stable run at the official market as CBN reforms continue to shape Nigeria’s foreign exchange landscape. Although the weekly gains were modest, the currency’s ability to recover from midweek losses could offer some relief to businesses and consumers closely watching movements in the naira exchange rate.
source: punch
