The Nigerian naira has continued to gain strength against the US dollar, ending the week and month on a positive note. According to data from the Central Bank of Nigeria, the naira appreciated to N1,421.73 per dollar on Friday, up from N1,436.97 on Thursday. This represents a daily gain of N15.24 against the dollar.

This marks the fifth consecutive day of appreciation for the naira since Monday, October 27. The currency’s upward trend is a notable development in the country’s foreign exchange market. In contrast, the black market exchange rate remained stable at N1,485 per dollar, the same rate it has maintained since the beginning of the week. However, on a week-on-week basis, the naira gained N21.06 against the dollar.

The naira’s appreciation is occurring amidst an increase in the country’s external reserves, which stood at $43.17 billion as of October 30. This is up from $43.15 billion recorded the previous day. The rise in external reserves is a positive indicator of the country’s economic stability and its ability to meet its international payment obligations.

The foreign exchange market in Nigeria has been subject to fluctuations in recent times, with the naira experiencing periods of depreciation and appreciation. However, the current trend suggests a degree of stability and potential for further appreciation. The Central Bank of Nigeria has been working to stabilize the foreign exchange market and maintain a stable exchange rate.

The appreciation of the naira is likely to have a positive impact on the country’s economy, particularly in terms of reducing the cost of imports and increasing the purchasing power of consumers. It may also attract foreign investment and boost economic growth. As the country’s economy continues to evolve, it is essential to monitor the foreign exchange market and external reserves to understand the trends and implications for the economy.