The naira has demonstrated a consistent appreciation against the dollar throughout the week, closing on Friday at ₦1,580.44 in the official foreign exchange market.
According to data from the Central Bank of Nigeria’s website, the naira strengthened by ₦4.51 against the dollar on Friday, reflecting a 0.28 per cent increase from Thursday’s closing rate of ₦1,584.95.
The local currency showcased remarkable stability over the week, achieving daily gains. On Monday, May 19, it traded at ₦1,598.68; on Tuesday, it appreciated to ₦1,590.45; and on Wednesday, it reached ₦1,584.49. This upward trend indicates a rise in investor confidence and an improved supply of foreign exchange, which have played a significant role in the naira’s performance.
In related news, the Central Bank of Nigeria, during its 300th Monetary Policy Committee meeting held on Monday and Tuesday, decided to maintain the interest rate at 27.5 per cent.
(NAN)
