The Nigerian Naira continued its steady appreciation against the U.S. Dollar throughout the week, closing stronger at ₦1,580.44 in the official foreign exchange market on Friday.
According to data from the Central Bank of Nigeria (CBN), the local currency gained ₦4.51k against the Dollar on Friday alone on Nigerian Foreign Exchange Market, NFEM reflecting a 0.28% improvement from Thursday’s closing rate of ₦1,584.95.
The Naira showed consistent strength throughout the week. It opened trading on Monday, May 19, at ₦1,598.68, improved to ₦1,590.45 on Tuesday, and further appreciated to ₦1,584.49 on Wednesday.
The upward trend signals rising investor confidence and improved foreign exchange liquidity, which analysts say have helped boost the Naira’s performance.
In a related development, the CBN, during its 300th Monetary Policy Committee (MPC) meeting held on Monday and Tuesday, resolved to retain the Monetary Policy Rate (MPR) at 27.5%.
