The Naira closed the week bullish at ₦1,487.89 to the Dollar, gaining ₦11.08 on Friday, with analysts crediting CBN reforms for the recovery.
The Naira closed the week stronger on Friday, exchanging at ₦1,487.89 to the Dollar at the official market, according to data from the Central Bank of Nigeria (CBN).
The figure reflects a gain of ₦11.08 or 0.7 per cent from Thursday’s rate of ₦1,498.97.
The currency also opened the trading week bullish on Monday, appreciating by ₦4.03 against the Dollar. However, it recorded slight depreciations midweek, trading at ₦1,484.13 on Tuesday, ₦1,494.01 on Wednesday, and ₦1,498.97 on Thursday.
Analysts praised the Naira’s resilience, attributing the positive performance to CBN’s recent reforms targeted at stabilising the foreign exchange market and easing demand pressure.
Members of the Monetary Policy Committee (MPC) had earlier predicted continued appreciation, citing the reforms as a turning point for exchange rate management.
The gains come amid cautious optimism that sustained policy measures will further strengthen the Naira in the coming months.