Naira strengthens against dollar, closing the week at N1,366.23 at the official market as analysts point to improving forex stability

The Nigerian currency closed the week stronger on Friday as the Naira strengthened against the U.S. dollar at the official foreign exchange market, settling at N1,366.23.

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Data published by the Central Bank of Nigeria showed that the Naira gained N5.27 during Friday’s trading session.

The development represents a 0.3 per cent improvement compared with Thursday’s closing rate of N1,371.50 to the dollar.

The Naira strengthens against dollar trend was also reflected in the currency’s performance throughout the week, with the local unit recording gradual appreciation amid sustained market activity and improved foreign exchange supply.

At the start of trading on Monday, the Naira exchanged at N1,405.62 against the U.S. dollar at the official market.

The currency recorded a slight gain on Tuesday, closing at N1,401.40.

By Wednesday, the Naira strengthened further to trade at N1,376.19 to the dollar, continuing a steady upward movement during the week.

Market analysts said the gradual appreciation signals improving stability in Nigeria’s official foreign exchange market, with stronger supply helping to ease pressure on the local currency.

The improvement comes amid ongoing monetary and fiscal efforts aimed at stabilising the foreign exchange market and boosting investor confidence in the economy.

Also read: CBN FX Reforms Boost Reserves to $50.45bn, Naira Stability

Observers say sustained inflows and consistent policy direction will be crucial in maintaining the current momentum in the coming weeks.