The naira has experienced a steady appreciation against the dollar this week, concluding Friday’s trading at ₦1,580.44 within the official forex market.
Data from the Central Bank of Nigeria indicates that the naira gained ₦4.51 against the dollar on Friday, marking a 0.28 per cent rise from Thursday’s closing figure of ₦1,584.95.
The local currency has displayed remarkable resilience throughout the week, recording daily gains. On Monday, May 19, it traded at ₦1,598.68; on Tuesday, it improved to ₦1,590.45; and on Wednesday, it further ascended to ₦1,584.49. This positive trend suggests heightened investor confidence and an enhanced supply of foreign exchange, both of which have contributed to the naira’s strong performance.
Additionally, the Central Bank of Nigeria, during its 300th Monetary Policy Committee meeting held on Monday and Tuesday, opted to keep the interest rate steady at 27.5 per cent.
(NAN)
