CBN Data: Naira rebounds after week of mild losses

The naira recorded a modest improvement against the United States dollar on Friday, ending the trading week on a positive note at the official foreign exchange market.

Data released by the Central Bank of Nigeria (CBN) showed that the local currency closed at N1,454.41 to the dollar, representing a gain of N1.65 when compared to the N1,456.06 recorded at the close of trading on Thursday. This improvement reflects a 0.11 per cent increase in the value of the naira.

Although the naira began the week under slight pressure, its performance remained relatively stable throughout the period, with only minimal losses recorded. On Wednesday, the currency traded at N1,455.38, indicating steady movement within a narrow range.

Earlier in the week, the naira exchanged at N1,451.86 on Monday and N1,454.38 on Tuesday, showing gradual fluctuations in response to market forces.

Currency analysts note that the naira’s steady performance at the official market suggests improved confidence, supported by ongoing efforts of the Central Bank of Nigeria to stabilize the foreign exchange system and manage demand for the dollar.