The Nigerian Naira ended the trading week on a positive note, closing at N1,598.72 to the U.S. Dollar in the official foreign exchange market on Friday.
This modest appreciation signals continued efforts to stabilise the local currency amid fluctuating market conditions.
Data from the Central Bank of Nigeria (CBN) revealed that the Naira strengthened by 0.60 kobo against the Dollar on Friday, marking a 0.03 percent gain from Thursday’s close of N1,599.32.
Earlier in the week, the Naira showed signs of resilience, appreciating by 0.02 percent on Tuesday and posting a stronger 0.21 percent gain on Wednesday. Market observers interpreted these movements as positive indicators of growing investor confidence and increased Dollar supply in the market.
However, Thursday saw a slight reversal as the Naira weakened by N2.62 against the Dollar, equivalent to a 0.16 percent decline. Analysts attributed this dip to a temporary surge in Dollar demand from importers and other market participants.
Despite this midweek setback, the Naira finished the week on an upward trajectory, reflecting signs of gradual recovery and enhanced market stability.
“Market analysts continue to watch closely the Central Bank’s interventions aimed at boosting Dollar liquidity and managing demand pressures,” experts said.
Looking ahead, the Naira’s performance will largely depend on consistent foreign currency inflows and investor sentiment amid broader economic conditions.
