Naira strengthens further at official market, closes week at N1,380.57
The naira on Friday appreciated at the official market, closing at N1,380.57 against the U.S. dollar, extending its recent gains.
Data from the Central Bank of Nigeria (CBN) showed the currency strengthened by N3.30 compared with Thursday’s closing rate.
This represents a 0.23 per cent rise from Thursday, when the naira traded at N1,383.88 to the dollar.
On Wednesday, the local currency closed weaker at N1,386.70, indicating a steady recovery over consecutive trading sessions.
A currency analyst said the improvement reflected “renewed confidence driven by better liquidity and policy consistency at the official window.”
He added, “Sustained inflows and tighter monetary measures are gradually stabilising the exchange rate and narrowing volatility in the market.”
Another market observer noted that “continued reforms and transparency in foreign exchange management are beginning to yield measurable results.”
The observer cautioned, however, that “external pressures and global dollar strength could still test the Naira’s resilience in the coming weeks.”
(NAN)
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