NAIRA: Currency gains against the dollar in three straight appreciations ‐ Reports

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The Naira has ended the week on a positive note, recording three straight appreciations against the Dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira strengthened to ₦1,532.51 against the Dollar on Friday, up from ₦1,534.52 traded on Thursday.

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The Naira gained N2.01 against the Dollar on a day-to-day basis. At the black market, the Naira also appreciated by N5 to N1,560 per Dollar on Friday, up from N1,565 exchanged the previous day

On a week-on-week basis, the Naira firmed up by N1.05 and N5 against the Dollar at official and parallel foreign exchange markets, respectively. This development comes after the National Bureau of Statistics announced that Nigeria’s inflation rate dropped to 21.88 percent in July from 22.22 percent in the previous month.

The Naira’s appreciation against the Dollar is a welcome development for the Nigerian economy. The country’s inflation rate has also been trending downwards, which could help stabilize the currency and boost investor confidence. As the Naira continues to gain value, it will be interesting to see how this impacts the economy in the coming weeks.

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