The Naira ended the trading week on a strong note, closing higher against the US dollar at the official foreign exchange market. According to the Central Bank of Nigeria’s official website, the Naira appreciated by N0.60k against the dollar on Friday, reflecting a 0.03% gain compared to the previous day’s exchange rate of N1,599.32.
The Naira’s weekly performance showed some resilience, with gains recorded on Tuesday and Wednesday trading sessions. On Tuesday, the Naira appreciated by 0.02%, followed by a stronger gain of 0.21% on Wednesday. However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the dollar, equivalent to a 0.16% depreciation.
Market analysts attributed the dip to a brief increase in dollar demand from importers and other market participants. Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
As of Friday’s close, the Naira had appreciated to N1,598.72 against the US dollar. Analysts continue to monitor the central bank’s policies, especially interventions aimed at improving dollar liquidity and managing demand pressures. The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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