The naira ended trading on Friday on a stronger note, extending its weeklong rally against the United States dollar at the official foreign exchange market to close at N1,386.55/$.
Data published on the official website of the Central Bank of Nigeria (CBN) showed that the local currency gained N10.43 on the day, representing a 0.7 per cent appreciation compared with Thursday’s closing rate of N1,396.99/$.
Market watchers attributed the sustained improvement in the naira’s performance to ongoing reforms and tighter policy coordination by the CBN, which have helped improve liquidity conditions and restore confidence in the official window.
The week’s trading pattern underscored a gradual but steady recovery.
On Monday, the naira exchanged at N1,418.95/$, before strengthening to N1,401.22/$ on Tuesday and N1,400.47/$ on Wednesday, culminating in Friday’s stronger close.
Analysts note that while short-term gains reflect improved market sentiment and policy clarity, maintaining stability will depend on continued reforms, consistent FX supply, and effective enforcement across market segments.
Nonetheless, the naira’s performance this week signals a positive trajectory for the currency at the official market.