The naira strengthened throughout the week, closing at N1,366.23 against the dollar amid signs of improving stability in Nigeria’s official foreign exchange market.
The Nigerian naira closed the week stronger on Friday, appreciating to N1,366.23 against the U.S. dollar at the official market. Data from the Central Bank of Nigeria showed the currency gained N5.27 during the trading session, representing a 0.3 per cent rise from Thursday’s closing rate of N1,371.50.
The naira recorded steady gains throughout the week, improving from N1,405.62 on Monday to N1,376.19 by Wednesday before Friday’s close. Market analysts said “the gradual appreciation indicates improving stability in the official foreign exchange market,” citing sustained trading activity and better foreign exchange supply.
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