The Nigerian Naira ended the week on a positive note, appreciating slightly to close at N1,598.72 per U.S. Dollar in the official foreign exchange market on Friday.
Data from the Central Bank of Nigeria revealed that the Naira gained N0.60k against the Dollar compared to Thursday’s closing rate of N1,599.32, marking a 0.03% appreciation.
This modest increase capped a week of mixed performance. The local currency had earlier shown signs of resilience, gaining 0.02% on Tuesday and 0.21% on Wednesday, indicating a temporary boost in investor confidence and foreign exchange supply.
However, Thursday saw a minor setback as the Naira depreciated by N2.62, or 0.16%, due to increased Dollar demand from importers and market participants.
Despite the brief dip, analysts view the week’s overall movement as a sign of gradual recovery and ongoing efforts to stabilise the currency. Attention remains on the Central Bank’s intervention strategies, especially those aimed at improving Dollar liquidity and managing demand.
Looking ahead, the Naira’s direction will likely depend on steady foreign inflows and broader investor sentiment.
