The Naira ended the trading week on a positive note, closing bullish on Friday at the official foreign exchange market.
It appreciated to ₦1,598.72 against the U.S. Dollar, reflecting a modest gain that points to continued efforts to stabilise the local currency.
According to data published on the Central Bank of Nigeria’s official website, the Naira gained ₦0.60k against the Dollar on Friday.
This upward movement marks a 0.03 per cent appreciation compared to the ₦1,599.32 exchange rate recorded at the close of trading on Thursday. The local currency had earlier shown resilience during the week, recording gains in both Tuesday and Wednesday sessions.
On Tuesday, the Naira rose by 0.02 per cent, followed by a stronger 0.21 per cent gain on Wednesday.
These improvements were viewed as signs of growing investor confidence and increased Dollar supply in the forex market. However, Thursday saw a slight setback, with the Naira slipping by ₦2.62 against the Dollar.
That loss represented a 0.16 per cent depreciation, dampening the momentum built earlier in the week.
Market analysts attributed Thursday’s dip to a temporary surge in Dollar demand from importers and other market participants.
Still, the week closed on a positive trajectory, with the Naira showing signs of gradual recovery and improving market stability.
Analysts are keeping a close eye on the Central Bank’s policies, particularly those aimed at boosting Dollar liquidity and managing demand-side pressures.
The Naira’s performance in the coming weeks will likely hinge on consistent supply inflows and overall investor sentiment within the broader economic environment.
