The local currency gained N0.60k against the dollar, representing a 0.03% appreciation compared to Thursday’s closing rate of N1,599.32.
The naira ended the trading week on a bullish note, appreciating to N1,598.72 per U.S. dollar at the official foreign exchange market on Friday, according to data from the Central Bank of Nigeria (CBN).
The local currency gained N0.60k against the dollar, representing a 0.03% appreciation compared to Thursday’s closing rate of N1,599.32. This marks a modest but positive shift, indicating continued efforts to stabilise the forex market.
Earlier in the week, the naira appreciated by 0.02% on Tuesday and 0.21% on Wednesday. However, it faced a slight setback on Thursday, depreciating by 0.16% due to increased dollar demand.
“Thursday’s dip was likely triggered by importer demand,” analysts noted, but the overall trajectory remains positive.
Market watchers credit the gains to improved dollar supply and CBN’s sustained policy interventions. Going forward, analysts believe the naira’s performance will hinge on investor sentiment and foreign exchange inflows.