Naira extends gains as official exchange rate improves
The naira opened the trading week stronger on Monday, appreciating by N1.92 against the American dollar at the official foreign exchange market.
Data published on the Central Bank of Nigeria’s official website showed the currency closed at N1,368.26 per dollar on Monday.
The latest performance represented a 0.14 per cent appreciation compared with Friday’s official closing rate.
The gain, though modest, extended the domestic currency’s positive run from the previous trading week.
The naira traded at N1,383.62 to the dollar on the penultimate Monday, marking the week’s opening rate.
The local currency strengthened on the penultimate Tuesday, closing at N1,379.68 against the dollar.
Momentum continued on Wednesday, with the exchange rate improving to N1,372.40 per dollar.
The currency maintained its upward trajectory on Thursday, closing at N1,370.15 against the dollar.
The week ended positively on Friday, with the naira strengthening slightly to N1,370.19 per dollar.
Monday’s appreciation reinforced the currency’s relative stability witnessed in recent months under ongoing monetary and foreign exchange reforms.
Market analysts linked the sustained improvement to stronger foreign-exchange liquidity in the official market.
They also cited improved investor confidence, which has supported demand and supply conditions in the foreign exchange market.
According to analysts, sustained policy measures introduced by the CBN have continued strengthening market transparency and price discovery.
They noted that the recent appreciation reflects improved foreign-exchange liquidity and increased confidence in the official market.
The consistency of recent gains “suggests that current monetary and foreign exchange reforms are beginning to deliver greater exchange rate stability”, the analysts said.
Economic observers, however, noted that sustaining the positive trend would depend on continued foreign exchange inflows and disciplined implementation of existing monetary policies.
They also stressed the importance of maintaining investor confidence and expanding foreign currency earnings to support the Naira’s longer-term stability.
(NAN)
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