In a positive turn of events for Nigeria’s currency market, the Naira finished the week with a modest gain against the U.S. dollar. Data released on Friday by the Central Bank of Nigeria revealed that the local currency traded at N1,534.72 per dollar, marking an improvement of 4.52 kobo compared to previous trading figures.
The Central Bank’s figures indicate a small but noticeable increase of 0.05 percent from Thursday’s rate of N1,534.79. Earlier in the week, the Naira faced slight setbacks, slipping to N1,535.62 on Wednesday and N1,535.24 on Tuesday, after a minor opening decline of 20 kobo on Monday.
Market analysts interpret this movement as part of ongoing fluctuations influenced by global currency trends and local economic activities. Okay.ng reports that the Central Bank’s intervention measures may have contributed to this stabilization of the currency.
As the week ended, stakeholders remain keenly observant of further market trends, anticipating that sustained policy support might foster more stability in the coming days.
