The Naira ended last week on a firmer note at the official foreign exchange market, closing at N1,534.72 per dollar as demand pressure eased and the Central Bank of Nigeria (CBN) sustained its interventions.
According to CBN data, the local currency appreciated by 4.52 kobo or 0.05% from Thursday’s rate of N1,534.79, continuing a modest recovery despite mid-week fluctuations.
The Naira opened the week at N1,535.44, trading at N1,535.24 on Tuesday and N1,535.62 on Wednesday, before recovering to close stronger on Friday.
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Analysts attributed the gains to improved dollar supply from the apex bank, which enhanced liquidity and helped stabilise rates at the Investors and Exporters (I\&E) window.
The parallel market also reflected the relative calm, with the Naira closing at N1,530 per dollar, narrowing the gap between official and street rates and reducing speculative activity.
Traders expect the Naira’s stability to continue in the near term, provided the CBN sustains its interventions and dollar inflows remain consistent.