Naira strengthens against US dollar at official market

The Naira finished the week on a stronger footing on Friday, appreciating at the official foreign exchange market to close at N1,366.23 against the U.S. dollar.

Figures released on the website of the Central Bank of Nigeria (CBN) indicated that the local currency gained N5.27 during trading on Friday.

This represents a 0.3 per cent improvement compared with Thursday’s closing rate of N1,371.50 per dollar.

Throughout the week, the Nigerian currency recorded gradual gains, supported by sustained trading activities and improved supply in the foreign exchange market.

Trading opened on Monday with the Naira quoted at N1,405.62 to the dollar.

By Tuesday, the currency appreciated slightly to N1,401.40 at the official market.

The upward trend continued on Wednesday, when the Naira strengthened further to N1,376.19 per dollar.

Market analysts noted that the steady appreciation signals growing stability in the official foreign exchange market.

Source: Platinumpost.ng | Read the Full Story…