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The Naira closed the trading week on a positive trajectory, posting a bullish finish on Friday at the official foreign exchange market.
It appreciated to N1,598.72 per U.S. Dollar, marking a modest gain and signaling ongoing efforts to stabilize the local currency.
Data from the Central Bank of Nigeria’s official website showed that the Naira strengthened by N0.60k on Friday, representing a 0.03 per cent appreciation from the N1,599.32 rate recorded at Thursday’s close.
Earlier in the week, the Naira demonstrated resilience, gaining ground during both Tuesday and Wednesday sessions. On Tuesday, it appreciated by 0.02 per cent, followed by a stronger 0.21 per cent gain on Wednesday.
These midweek improvements were seen as signs of renewed investor confidence and increased Dollar supply in the market. However, the momentum was briefly interrupted on Thursday, as the Naira slipped by N2.62 — a 0.16 per cent decline — due to a spike in Dollar demand from importers and other market players.
Despite Thursday’s setback, the week ended on a positive note, with the Naira showing signs of gradual recovery and improving stability.
Analysts remain focused on the Central Bank’s policy direction, particularly measures aimed at boosting Dollar liquidity and managing demand-side pressures.
Going forward, the Naira’s performance is expected to hinge on consistent supply inflows and prevailing investor sentiment within the broader economic environment.