Market News

The Naira wrapped up the trading week on a positive trajectory, closing bullish on Friday at the official foreign exchange market. The local currency appreciated to N1,598.72 against the U.S. Dollar, marking a modest gain that underscores ongoing efforts to stabilise the currency.

According to data published on the Central Bank of Nigeria’s (CBN) official website, the Naira gained N0.60k against the Dollar on Friday. This represents a 0.03 per cent appreciation from the N1,599.32 recorded at the close of trading on Thursday.

Earlier in the week, the Naira demonstrated resilience, recording gains on both Tuesday and Wednesday. On Tuesday, it appreciated by 0.02 per cent, followed by a stronger 0.21 per cent rise on Wednesday. These gains were interpreted as “positive indicators of growing investor confidence and increased supply in the foreign exchange market.”

Thursday, however, brought a minor setback. The Naira weakened by N2.62 against the Dollar, translating to a 0.16 per cent decline. Market analysts attributed this dip to “a brief increase in Dollar demand from importers and other market participants.”

Despite the midweek stumble, the Naira ended the week on a high note, reflecting what many see as gradual recovery and increased market stability.

“Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.”

The Naira’s outlook in the coming weeks will depend heavily on “consistent supply inflows and investor sentiment across the broader economic landscape,” analysts noted.