The naira ended the trading week on a stronger note at the official foreign exchange market, appreciating to N1,346.49 per US dollar on Friday.
Data published on the official website of the Central Bank of Nigeria (CBN) showed that the local currency gained N1.13, representing a 0.08 per cent appreciation from Thursday’s closing rate of N1,347.62 per dollar.
The latest gain capped a relatively stable week for the naira amid the CBN’s ongoing foreign exchange reforms, with the currency recording only one session of depreciation during the period.
The naira opened trading on Monday at N1,349.53 to the dollar, marking an appreciation from its previous position.
It extended the positive momentum on Tuesday before recording a marginal 0.5 per cent decline on Wednesday.
The local currency, however, regained ground on Thursday, appreciating by N2.79 to close at N1,347.62 per dollar.
It sustained the recovery on Friday, gaining a further N1.13 to finish the week at N1,346.49 per dollar.
The performance reflected relative stability in the official foreign exchange market over the week, with the naira ending the period stronger than it began.
