- Odibo Victory
The Naira extended its weeklong appreciation on Friday, strengthening to N1,337.28 against the US dollar at the official foreign exchange market.
Data released on the official website of the Central Bank of Nigeria (CBN) showed that the currency gained N1.29 from Thursday’s rate.
The latest movement represents a 0.09 per cent appreciation from the N1,338.58 recorded on Thursday.
The Naira has now posted gains throughout the week, extending an appreciation trend that has lasted for two consecutive weeks.
Following Tuesday’s Eid el-Maulud public holiday, trading resumed on Wednesday with the currency at N1,343.59 per dollar.
It subsequently gained N5.01 on Thursday to close at N1,338.58 per dollar.
On Monday, the Naira traded at N1,346.97 per dollar before recording further gains as the week progressed.
Overall, the currency appreciated by N9.69 against the dollar between Monday and Friday at the official market.
Friday’s rate therefore represented a 0.72 per cent appreciation from Monday’s N1,346.97 per dollar.
The continued gains indicate sustained strengthening of the Naira at the official foreign exchange market during the week.