Naira closes week stronger at N1,346.49 per dollar, CBN reforms steady
By Aboki Forex —
The naira closed the week higher at the official market on Friday, trading at N1,346.49 per U.S. dollar. Data from the Central Bank of Nigeria's official website showed a gain of N1.13, a 0.08 per cent appreciation compared with Thursday's close of N1,347.62 per dollar.
The local currency had only one day of depreciation during the week, remaining relatively stable amid ongoing CBN reforms.
Week's trading pattern
Monday saw the naira open the trading week with appreciation, exchanging at N1,349.53 to a dollar. On Tuesday, the currency firmed further before recording a minimal loss of 0.5 per cent on Wednesday.
The naira rebounded on Thursday with a gain of N2.79, and then added another gain on Friday to round off the week.
What it means for the naira
The steady performance, punctuated by only a single day of decline, suggests the CBN's currency reforms are holding market confidence. For businesses and consumers, a calmer official rate reduces uncertainty in planning and pricing, even if the gains remain modest.