Naira Ends Week on Positive Note, Gains Against Dollar Amid Market Recovery
Naira Ends Week on Positive Note, Gains Against Dollar Amid Market Recovery
The Nigerian Naira concluded the trading week on a positive note, closing stronger in the official foreign exchange market on Friday. The currency appreciated by N1,598.72 against the U.S. Dollar, marking a modest gain that signals ongoing efforts to stabilize the local currency.
Data from the Central Bank of Nigeria’s official website shows the Naira increased by N0.60k on Friday, representing a 0.03 percent rise from the previous day’s close of N1,599.32. Earlier in the week, the Naira demonstrated resilience, gaining on both Tuesday and Wednesday trading sessions—appreciating by 0.02 percent on Tuesday and a more notable 0.21 percent on Wednesday. These gains were viewed as positive signs of improving investor confidence and a surge in foreign exchange supply.
However, Thursday saw a slight reversal as the Naira declined by N2.62 against the Dollar, a 0.16 percent depreciation, dampening the midweek rally. Market analysts attributed this dip to a temporary increase in Dollar demand from importers and other participants.
Despite Thursday’s setback, the week ended on an optimistic note, with the Naira showing signs of recovery and enhanced market stability. Experts continue to watch the Central Bank’s policies, particularly interventions aimed at boosting Dollar liquidity and managing demand. Going forward, the Naira’s performance will likely hinge on steady supply inflows and overall investor sentiment within the broader economic environment.
