Key points
- The Naira strengthened to N1,337.28 per dollar on Friday at the official foreign exchange market.
- The currency gained N9.69 against the dollar between Monday and Friday.
- The latest appreciation extended the Naira’s run of gains to a second consecutive week.
Main story
The Naira strengthened further against the US dollar on Friday, closing at N1,337.28 at the official foreign exchange market and extending its appreciation throughout the week.
Data published on the official website of the Central Bank of Nigeria (CBN) showed that the local currency gained N1.29 from Thursday’s rate of N1,338.58 per dollar, representing a 0.09 per cent appreciation.
The latest gain followed a N5.01 appreciation recorded on Thursday, when the Naira closed at N1,338.58 after resuming trading on Wednesday at N1,343.59 following Tuesday’s Eid el-Maulud public holiday.
The currency had opened the week at N1,346.97 per dollar on Monday and strengthened each trading day thereafter, bringing its total gain for the week to N9.69.
Friday’s closing rate therefore represented a 0.72 per cent appreciation compared with Monday’s rate, extending an appreciation trend that had persisted for a fortnight.
The sustained gains indicate continued strengthening of the Naira at the official foreign exchange market, with the currency recording appreciation throughout the week.
The issues
The Naira’s performance during the week reflects a continued appreciation trend at the official foreign exchange market, with the currency strengthening against the dollar on each trading day following the public holiday.
What’s next
The Naira’s performance in subsequent trading sessions will determine whether the recent appreciation trend continues at the official foreign exchange market.
Bottom line
The Naira closed the week at N1,337.28 per dollar, gaining N9.69 against the US currency from Monday’s rate and extending its appreciation trend for a second consecutive week.
