The Naira extended its winning streak on Friday, closing the trading week stronger at ₦1,421.73 per dollar at the official foreign exchange market, according to data released by the Central Bank of Nigeria (CBN).
The figure represents an appreciation of ₦15.23 or 1.07 percent, compared to ₦1,436.97 recorded on Tuesday, signaling a continued positive trend in the local currency’s performance against the U.S. dollar.
This latest gain marks a steady week of appreciation for the Naira, which traded at ₦1,452.79 on Monday, ₦1,448.20 on Tuesday, and ₦1,444.42 on Wednesday — reflecting consistent strengthening throughout the week.
Financial analysts have commended the sustained improvement of the local currency across both the official and parallel markets, describing it as a sign of renewed confidence in Nigeria’s monetary policies.
They attributed the Naira’s rebound to a combination of macroeconomic factors, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, rising oil revenues, improved foreign reserves, and increased diaspora remittances.
Economists say these developments have bolstered market liquidity and investor confidence, while ongoing reforms by the CBN and the Federal Government continue to stabilize the foreign exchange market.
