The Naira closed stronger on Friday at the official
market, exchanging at ?1,599.55 per Dollar, after a week of fluctuations.
According to data from the Central Bank of Nigeria
(CBN), the Naira appreciated by ?2.27 against the Dollar, marking a 0.14% gain
from Thursday’s rate of ?1,601.82.
This modest recovery follows a period of instability
after the Easter break, during which the currency experienced several days of
inconsistent performance.
On Tuesday, April 22, the Naira had opened weaker at
?1,602.63 per Dollar, a 0.16% loss compared to April 17’s closing rate of
?1,599.94. By Wednesday, April 23, it recovered slightly to ?1,602.30,
reflecting a marginal 0.03% gain.
Analysts note that the Naira’s performance this week
highlights ongoing pressures and gradual adjustments in the foreign exchange
market.
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