The Nigerian naira continued its strong performance at the official foreign exchange market on Friday, strengthening to N1,337.28 per US dollar.
Data from the Central Bank of Nigeria showed that the local currency gained N1.29, compared with Thursday’s closing rate of N1,338.58 per dollar. The latest movement represents a 0.09 per cent appreciation and extends the naira’s winning streak, with the currency recording gains throughout the week.
Naira Gains N9.69 in One Week Following the Eid el-Maulud public holiday on Tuesday, trading resumed on Wednesday at N1,343.59 per dollar. The naira strengthened further on Thursday, gaining N5.01 to close at N1,338.58, before making another gain on Friday. On Monday, the currency had traded at N1,346.97 per dollar.
Overall, the naira gained N9.69 against the dollar between Monday and Friday, representing a 0.72 per cent appreciation over the course of the week.
The sustained improvement reflects continued strengthening of the domestic currency at the official foreign exchange market and extends an appreciation trend that has lasted for about two weeks.
