The Naira closed the week on a positive note, appreciating to N1,421.73 per dollar at the official foreign exchange market on Friday.
According to data released by the Central Bank of Nigeria (CBN), the local currency gained N15.23 or 1.07 percent compared to the N1,436.97 recorded on Tuesday, maintaining a steady upward trend throughout the week.
The Naira traded at N1,452.79 on Monday, N1,448.20 on Tuesday, and N1,444.42 on Wednesday, reflecting consistent appreciation over the past five trading days.
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Financial analysts have linked the Naira’s strong performance to recent positive economic indicators, including Nigeria’s removal from the Financial Action Task Force (FATF) grey list, rising oil revenues, improved foreign reserves, and increased diaspora remittances.
They noted that the sustained reforms by the Central Bank and the Federal Government are helping to stabilize the foreign exchange market and rebuild investor confidence.
Analysts also expressed optimism that if the current policy direction continues, the Naira could experience further appreciation in the coming weeks, signaling growing stability in Nigeria’s macroeconomic environment.
