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🇳🇬 Nigeria /Economy & Trade

Naira gains N1.13, closes at N1,346.49 per dollar

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

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  • The Nigerian naira gained N1.13 against the U.S. dollar on Friday, closing the week at N1,346.49 per dollar.
  • This gain represents a 0.08% appreciation, with the naira remaining relatively stable amid Central Bank of Nigeria reforms.
  • The currency experienced fluctuations throughout the week, appreciating early on, dipping mid-week, and recovering with gains on Thursday and Friday.

Nigeria's naira closed the trading week on an upward note, appreciating by N1.13 to trade at N1,346.49 against the U.S. dollar on Friday. This gain, representing a 0.08% increase from Thursday's rate of N1,347.62, reflects a period of relative stability for the local currency amidst ongoing reforms by the Central Bank of Nigeria (CBN).

Throughout the week, the naira demonstrated resilience, experiencing only one day of depreciation. It began the week on Monday trading at N1,349.53 to the dollar and saw further appreciation on Tuesday. A minimal loss of 0.5% was recorded on Wednesday, but the currency quickly recovered.

Thursday saw a significant gain of N2.79 for the naira, setting the stage for Friday's further appreciation. This performance indicates a positive trend for the currency, which has largely held steady despite economic pressures.

DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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