The Nigerian naira wrapped up the week with a slight appreciation against the U.S. dollar in the official foreign exchange market, indicating a steady push toward currency stability.
Figures released by the Central Bank of Nigeria (CBN) on Friday showed that the naira closed at ₦1,598.72 per dollar, marking a gain of 60 kobo from Thursday’s rate of ₦1,599.32.
This reflects a marginal increase of 0.03 percent.
Earlier in the week, the local currency had also shown positive movement. On Tuesday, it recorded a 0.02 percent increase, followed by a 0.21 percent improvement on Wednesday.
These back-to-back gains were seen as signs of growing market confidence and a more stable supply of foreign exchange.
However, Thursday saw the naira lose some ground, falling by ₦2.62, or 0.16 percent, due to heightened demand for dollars, mainly from importers and other forex users. Despite this dip, the currency rebounded on Friday, ending the week stronger overall.
Financial analysts say the performance of the naira reflects a broader market trend and the impact of ongoing monetary strategies.
They continued to watch closely for further interventions from the Central Bank, especially efforts aimed at boosting forex inflow and easing demand-side pressure.
- Going forward, the strength of the naira will likely depend on consistent dollar supply and improved investor confidence in Nigeria’s economic outlook.