Naira Gains Ground Against Dollar, Ends Week Stronger
The Naira continued its steady rise against the U.S. Dollar this week, ending Friday on a strong note at ₦1,580.44 in the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the Naira appreciated by ₦4.51k on Friday alone. This shows a 0.28% increase compared to Thursday’s closing rate of ₦1,584.95.
Throughout the week, the Naira showed daily improvement. It traded at ₦1,598.68 on Monday, ₦1,590.45 on Tuesday, and ₦1,584.49 on Wednesday—reflecting steady progress.
Analysts believe the gains are a sign of stronger investor confidence and better supply of foreign exchange.
Meanwhile, during its 300th Monetary Policy Committee (MPC) meeting on Monday and Tuesday, the CBN kept the Monetary Policy Rate steady at 27.5%.
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