The Naira, which recorded consistent gains against the US Dollar throughout the week, closed stronger on Friday, trading at ₦1,580.44 in the official foreign exchange market.
According to data published on the Central Bank of Nigeria’s website, the Naira appreciated by ₦4.51k against the Dollar on Friday alone.
This reflects a 0.28 per cent improvement from Thursday’s closing rate of ₦1,584.95 in the official forex window.
Also Read: Naira Strengthens Further Against Dollar at Official Market
The local currency maintained a steady upward trajectory during the week, with daily gains recorded. It opened the week on Monday, 19 May, at ₦1,598.68; strengthened to ₦1,590.45 on Tuesday; and traded at ₦1,584.49 on Wednesday.
The naira’s performance is attributed to improved foreign exchange supply and growing investor confidence.
Meanwhile, at its 300th Monetary Policy Committee meeting held on Monday and Tuesday, the Central Bank of Nigeria resolved to retain the Monetary Policy Rate at 27.5 per cent.
