BREAKING: Naira records strongest weekly gain as currency appreciates across markets

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The Naira closed the week on a positive note, appreciating significantly against the U.S. dollar across both the official and parallel foreign exchange markets.

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According to data from the Central Bank of Nigeria (CBN), the local currency strengthened to ₦1,531.57 per dollar on Friday, compared to ₦1,535.47 recorded on Thursday. This represents a daily gain of ₦3.9, marking the highest appreciation of the week.

At the parallel (black) market, the Naira also showed resilience, appreciating by ₦5 to close at ₦1,543 per dollar, stronger than the ₦1,548 rate recorded the previous day.

A senior CBN official, commenting on the development, said, “We are encouraged by the Naira’s consistent appreciation this week. These gains reflect ongoing efforts to stabilise the foreign exchange market and boost investor confidence.”

This is the third consecutive day the local currency has appreciated in the official market, a trend linked to the rise in Nigeria’s external reserves. Figures from the apex bank show that the reserves climbed to $41.26 million as of August 29, up from $41.24 million earlier in the week.

Another market analyst told reporters: “The uptick in reserves has provided some cushion for the Naira, signalling stronger supply dynamics in the FX market. If this momentum continues, we may see greater stability in the coming weeks.”

The steady appreciation comes at a time when monetary authorities continue to emphasise reforms aimed at improving dollar liquidity, tightening speculative activities, and strengthening the country’s balance of payments.

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