Market News

By Grace Alegba

In a strong show of resilience, the Naira continued its steady appreciation against the US Dollar, closing the week at N1,580.44 in the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). 

This represents a gain of N4.51k from Thursday’s closing rate of N1,584.95, marking a 0.28 per cent increase and underscoring the local currency’s strengthening trajectory.

The Naira maintained consistent upward momentum throughout the week, beginning Monday at N1,598.68, appreciating to N1,590.45 on Tuesday, and further strengthening to N1,584.49 on Wednesday.

Friday’s performance capped off a five-day run of gains, indicating growing investor confidence and improved dollar liquidity in the market.

Analysts say the naira’s impressive climb is a reflection of renewed confidence in the economy, increased forex supply, and effective policy interventions by the CBN.

The apex bank, during its 300th Monetary Policy Committee (MPC) meeting held on Monday and Tuesday, opted to retain the Monetary Policy Rate at 27.5 per cent, a move widely interpreted as a bid to curb inflation while sustaining exchange rate stability.