The Nigerian Naira has ended the week on a strong note, closing at ₦1,580.44 against the US Dollar in the official foreign exchange market on Friday. This marks a significant appreciation, with the Naira gaining ₦4.51k against the Dollar on Friday alone, according to data from the Central Bank of Nigeria’s website. The 0.28 percent appreciation from Thursday’s closing rate of ₦1,584.95 is a notable development, indicating a steady upward trend for the local currency.
Throughout the week, the Naira maintained its strength, recording daily gains. On Monday, May 19, it traded at ₦1,598.68, followed by ₦1,590.45 on Tuesday, and ₦1,584.49 on Wednesday. These consistent gains suggest that investor confidence is on the rise, and the improved supply of foreign exchange is contributing to the Naira’s performance. The Central Bank of Nigeria’s decision to retain the Monetary Policy Rate at 27.5 percent, announced during its 300th Monetary Policy Committee meeting, may also have played a role in stabilizing the currency.
The Naira’s appreciation is a welcome development for Nigeria’s economy, which has faced challenges in recent times. The improved forex supply and increased investor confidence are key factors that have contributed to the Naira’s strength. As the country continues to navigate the complexities of the global economy, the Naira’s performance will be closely watched by investors, policymakers, and citizens alike. With its steady appreciation, the Naira is sending a positive signal about the country’s economic prospects, and it remains to be seen how this trend will continue in the coming weeks and months.
