Market News
Naira ends Week stronger, gains N10.43 against Dollar at Official Market - P.M.NEWS
By Grace Alegba
The naira ended the trading week on a positive note on Friday, strengthening further against the United States dollar at the official foreign exchange market.
Data published on the Central Bank of Nigeria’s official website showed that the local currency closed at N1,386.55 to the dollar, reflecting a N10.43 appreciation from the previous trading session.
The gain represents a 0.7 per cent improvement compared with Thursday’s closing rate of N1,396.99, underscoring sustained momentum in the currency’s recent performance.
Market data also indicated that the naira maintained relative stability throughout the week, a trend analysts attribute to ongoing foreign exchange reforms and policy interventions by the monetary authorities.
The currency opened the week at N1,418.95 on Monday, before appreciating to N1,401.22 on Tuesday and N1,400.47 on Wednesday, ahead of its stronger finish on Friday.
The weeklong appreciation signals improving confidence in the official market, amid efforts to deepen liquidity, enhance transparency and align exchange rates more closely with market fundamentals.
Although the naira has continued to face pressures from external shocks and domestic demand for foreign exchange, the steady gains recorded during the week suggest that recent reforms are beginning to yield measurable outcomes.
Market watchers will be monitoring developments closely in the coming weeks to determine whether the positive trajectory can be sustained, particularly as global economic conditions and domestic policy actions continue to shape currency movements.
