Naira Gains Against Dollar, Closes Week Strong at N1,534.72 – CBN Data

 By: Manoah Kikekon 

The Nigerian Naira ended the week on a high note, strengthening against the U.S. dollar at the official foreign exchange market. 

According to the latest data from the Central Bank of Nigeria (CBN), the Naira appreciated by 4.52 kobo on Friday, closing at N1,534.72 per dollar.  

The Friday closing rate marked a slight 0.05% gain compared to Thursday’s exchange rate of N1,534.79 per dollar. However, the week saw mixed performances, with the Naira experiencing minor dips earlier.  

On Wednesday, the Naira traded at N1,535.62/$1

On Tuesday, it closed at N1,535.24/$1

The week started with a 20 kobo decline on Monday, reflecting slight volatility in the forex market.  

While the Naira’s Friday gain is modest, it signals resilience amid ongoing economic reforms and forex market adjustments. Analysts attribute the slight appreciation to CBN’s monetary policies and improved liquidity in the official market.  

(NAN)