Naira Continues Upward Trend, Closes Week Stronger Against Dollar
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| Naira Continues Upward Trend, Closes Week Stronger Against Dollar |
Nigeria’s currency ended the week on a high note, extending its recent winning streak against the U.S. Dollar. By Friday, the Naira firmed up to ₦1,580.44 per dollar in the official foreign exchange market, showing a steady appreciation throughout the week.
According to figures published by the Central Bank of Nigeria (CBN), the Naira gained ₦4.51 on Friday alone — a 0.28% improvement from Thursday’s closing rate of ₦1,584.95.
The local currency demonstrated resilience all week, beginning Monday, May 19, at ₦1,598.68, then strengthening to ₦1,590.45 on Tuesday, and ₦1,584.49 on Wednesday. This upward movement reflects improved forex liquidity and growing investor optimism.
Analysts suggest the Naira’s performance may be tied to recent regulatory efforts and increased supply in the official market.
In a related development, the CBN concluded its 300th Monetary Policy Committee (MPC) meeting this week, opting to maintain the Monetary Policy Rate (MPR) at 27.5%, signaling a cautious but steady approach to economic stabilization.
With market watchers closely monitoring policy direction and external inflows, the Naira’s positive trajectory could continue if current trends hold.
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Vanguard
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