The Naira ended the trading week on a positive note, appreciating to N1,598.72 per U.S. Dollar at the official foreign exchange market on Friday. This marks a modest gain of N0.60k from the previous day’s rate of N1,599.32, reflecting a 0.03% increase in value.
Data from the Central Bank of Nigeria (CBN) indicates the local currency showed resilience throughout the week, bolstered by growing investor confidence and improved foreign exchange supply. The Naira posted a 0.02% gain on Tuesday and strengthened further by 0.21% on Wednesday.
However, Thursday brought a slight reversal, as the currency depreciated by N2.62 or 0.16% due to a temporary rise in Dollar demand from importers and other market participants.
Despite the brief setback, the week concluded with the Naira showing signs of recovery and improving market stability. Analysts credit these gains to the CBN’s ongoing efforts to stabilise the currency through targeted interventions and enhanced Dollar liquidity.
Looking ahead, the Naira’s trajectory will likely hinge on consistent supply flows and overall investor sentiment within the broader economic environment.
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