Meanwhile, inflation eased slightly to 23.71% in April, from 24.23% in March, offering minor relief.
The naira ended the week on a stronger note, closing at N1,599.01/$1 in the official market on Friday, slightly up from N1,599.99/$1 on Thursday, per Central Bank of Nigeria (CBN) data. Despite intra-day volatility—reaching a high of N1,603.50\$1—the local currency showed resilience across the week.
In the parallel market, however, the naira weakened mildly to N1,632/\$1 on Friday, down from N1,625/\$1 on Thursday. Traders attributed the dip to a spike in dollar demand from importers.
Analysts see early signs of recovery, supported by CBN’s policy measures aimed at boosting liquidity and transparency.
Meanwhile, inflation eased slightly to 23.71% in April, from 24.23% in March, offering minor relief. In another positive development, external reserves rose by $364 million between April 30 and May 14, reaching $38.298 billion, marking the first sustained gain this year.
Market focus now shifts to the CBN’s Monetary Policy Committee meeting on May 19–20, where key decisions on interest rates and liquidity are expected.
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**Suggested Extracts:**
* *“The naira closed at N1,599.01/\$1… reflecting growing resilience,”*
* *“Inflation eased to 23.71%… offering a glimmer of hope,”*
* *“External reserves rose by \$364 million… restori
ng investor confidence,”*