Lagos: The Naira strengthened further on Friday at the official market, appreciating to ₦1,380.57 against the U.S. dollar and extending its recent run of gains.
Data from the Central Bank of Nigeria (CBN) showed the currency strengthened by N3.30 compared with Thursday’s closing rate.
This represents a 0.23 per cent rise from Thursday, when the Naira traded at N1,383.88 to the dollar.
On Wednesday, the local currency closed weaker at N1,386.70, indicating a steady recovery over the past few trading sessions.
A currency analyst said the improvement reflected “renewed confidence driven by better liquidity and policy consistency at the official window”.
He added, “Sustained inflows and tighter monetary measures are gradually stabilising the exchange rate and narrowing volatility in the market.”
Another market observer noted that “continued reforms and transparency in foreign exchange management are beginning to yield measurable results”.
She cautioned, however, that “external pressures and global dollar strength could still test the Naira’s resilience in the coming weeks”.
