The Nigerian naira ended the week on a positive trajectory, finishing Friday’s trading session with a modest gain in the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated to ₦1,598.72 per U.S. dollar, reflecting a 60 kobo increase compared to Thursday’s closing rate of ₦1,599.32.
This 0.03 percent gain signals a continued effort toward currency stability.
Earlier in the week, the naira had shown encouraging performance, with slight gains recorded on both Tuesday and Wednesday. It improved by 0.02 percent on Tuesday and followed with a more substantial 0.21 percent increase on Wednesday—trends seen as signs of rising investor confidence and improved forex supply.
However, Thursday brought a temporary setback, as the naira weakened by ₦2.62 against the dollar, representing a 0.16 percent decline.
Analysts linked the dip to a short-lived spike in demand for the dollar, particularly from importers and other market participants.
Despite Thursday’s decline, the naira regained momentum by week’s end, closing on a positive note and highlighting a steady push toward currency market stability.
Market observers continue to focus on the Central Bank’s foreign exchange policies, particularly those aimed at boosting dollar inflow and easing pressure on demand.
The naira’s near-term performance will likely hinge on sustained liquidity and overall investor confidence in the Nigerian economy.