Naira inches up as Nigeria bids Farewell to Buhari

The Naira closed the week on a positive note at the official market, gaining marginally against the U.S. dollar despite a turbulent trading period marked by national mourning following the death of former President Muhammadu Buhari.

According to figures published on the Central Bank of Nigeria’s (CBN) official website, the Naira appreciated by 77 kobo to close at ₦1,532.34/$1 on Friday, July 18.

This represents a 0.05% gain compared to the ₦1,533.11/$1 rate recorded at the close of trading on Thursday.

The local currency had opened the week on a strong note with an ₦11.37 gain on Monday, July 14. However, it took a sharp dip midweek following the declaration of a seven-day national mourning and a Tuesday public holiday by President Bola Tinubu to honour Buhari, who died in a London hospital on Sunday at the age of 82.

Trading resumed on Wednesday with a heavy blow to the currency, as the Naira fell by ₦11.36, followed by another ₦2.85 drop on Thursday. The slight rebound recorded on Friday suggests cautious optimism in the market despite lingering volatility.

The late President Buhari was buried on Tuesday in his hometown of Daura, Katsina State.