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🇳🇬 Nigeria /Economy & Trade

Naira Strengthens Against US Dollar for Second Week

From The Punch · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement Outcome reported
  • The Nigerian Naira strengthened to N1,337.28 against the US dollar in the official foreign exchange market on Friday.
  • This marks the second consecutive week of appreciation for the Naira, with gains recorded throughout the trading week.
  • The sustained strengthening indicates a continued positive trend for the domestic currency in the official market.

The Nigerian Naira has maintained its upward trajectory against the US dollar, closing Friday at N1,337.28 in the official foreign exchange market. This marks the second consecutive week of appreciation for the local currency.

Data from the Central Bank of Nigeria revealed that the Naira gained N1.29 on Friday, a 0.09 percent increase from Thursday's rate of N1,338.58 per dollar. The currency had already shown consistent gains throughout the week, extending a trend that has persisted for a fortnight.

Following the Eid el-Maulud public holiday, the Naira resumed trading on Wednesday at N1,343.59 per dollar. It then strengthened by N5.01 on Thursday, closing at N1,338.58. Earlier in the week, on Monday, the Naira traded at N1,346.97 per dollar. Overall, the currency gained N9.69 against the dollar between Monday and Friday in the official market.

This sustained performance signifies a continued strengthening of the Naira in the official foreign exchange market, reflecting a positive trend for the domestic currency.

About this summary

Originally published by The Punch in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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