Key Points
- The local currency opened the week on a positive note, gaining N9.69 against the U.S. dollar.
- Data from the Central Bank of Nigeria indicates the naira appreciated to N1,365.24 at the official market.
- This movement represents a 0.7 per cent increase in value compared to previous sessions.
- The benchmark rate stood at N1,374.94 as of Thursday, April 30.
Main Story
The Nigerian naira began the first trading week of May with a marginal gain at the official window. According to data provided by the Central Bank of Nigeria (CBN), the local currency strengthened to N1,365.24 per dollar, reflecting a recovery of N9.69.
This performance follows the closing rate of N1,374.94 recorded during the final trading session of April.
This 0.7 per cent appreciation suggests a stable start to the month as the market continues to react to ongoing fiscal and monetary adjustments. The gain at the official market provides a benchmark for foreign exchange transactions as the government seeks to manage volatility and improve the supply of liquid assets within the banking system.
Bottom Line
Currency Gain. The naira strengthened to N1,365.24 against the dollar at the start of the week, marking a 0.7 per cent appreciation from the final trading days of April.
