The Naira on Friday appreciated at the official market, closing at N1,380.57 against the United States dollar, extending its recent gains.
Data from the Central Bank of Nigeria (CBN) showed that the Nigerian currency strengthened by N3.30 compared with Thursday’s closing rate.
This represents a 0.23% rise from Thursday, when the Naira traded at N1,383.88 to the dollar.
On Wednesday, the local currency had closed weaker at N1,386.70, indicating a steady recovery over consecutive trading sessions.
A currency analyst said that the improvement reflected ‘renewed confidence driven by better liquidity and policy consistency at the official window’.
He added: ‘Sustained inflows and tighter monetary measures are gradually stabilising the exchange rate and narrowing volatility in the market’.
Another market observer noted that ‘continued reforms and transparency in foreign exchange management are beginning to yield measurable results’.
She cautioned, however, that ‘external pressures and global dollar strength could still test the Naira’s resilience in the coming weeks’.
