The Naira ended the trading week on a positive trajectory, closing stronger against the U.S. Dollar on Friday at the official foreign exchange market. The local currency appreciated to N1,598.72 per Dollar, gaining N0.60k compared to Thursday’s rate of N1,599.32, according to figures published on the Central Bank of Nigeria’s official website.
This 0.03% gain marks a modest but encouraging sign of stability, reflecting ongoing efforts to shore up the Naira and manage volatility in the FX market.
Earlier in the week, the Naira had shown resilience, posting consecutive gains on Tuesday and Wednesday. It appreciated by 0.02% on Tuesday, followed by a more substantial 0.21% rise on Wednesday movements analysts interpreted as indicators of improved investor confidence and an uptick in foreign exchange supply.
However, the currency faced a slight setback on Thursday, depreciating by N2.62 or 0.16% due to a surge in Dollar demand, particularly from importers and other market participants.
Despite the midweek dip, the Naira wrapped up the week on a stronger note, signaling potential signs of recovery and increased market confidence. Analysts continue to keep a close watch on the Central Bank’s interventions, particularly those focused on enhancing Dollar liquidity and curbing excess demand.
Going forward, the Naira’s performance will likely hinge on consistent foreign exchange inflows, policy implementation, and broader investor sentiment within Nigeria’s economic landscape.
