The Nigerian naira continued its upward trajectory against the U.S. dollar, closing the week on a positive note at ₦1,580.44 in the official foreign exchange market on Friday.
According to data from the Central Bank of Nigeria (CBN), the local currency strengthened by ₦4.51k compared to Thursday’s rate of ₦1,584.95, reflecting a 0.28% appreciation.
The naira demonstrated resilience throughout the week, making incremental gains each day.
It began the week at ₦1,598.68 on Monday, improved to ₦1,590.45 on Tuesday, and appreciated further to ₦1,584.49 on Wednesday, indicating better market sentiment and improved foreign exchange inflows.
These developments suggest growing confidence among investors and a more stable flow of forex supply into the economy.
Meanwhile, the CBN concluded its 300th Monetary Policy Committee meeting on Tuesday, with the committee deciding to keep the interest rate unchanged at 27.5%.