The naira appreciated in the official market on Friday, rebounding slightly from its previous loss as it closed at N1,547/$1, up from N1,549/$1.
This marks a 0.13% week-on-week improvement from last Friday’s close of N1,549/$1. Starting the week on a positive note, the naira opened below the previous week’s closing rate.
However, rising demand for foreign currencies led to some mid-week depreciation, though the naira managed to stabilise for two consecutive days.
Despite the pressure, the naira held below N1,600/$1, maintaining some resilience against the U.S dollar.
Data from the Nigerian Foreign Exchange Market (NFEM), showed the currency fluctuated between N1,545/$1 and N1,552/$1 during Friday’s trading session.
In the parallel market, the naira improved by 0.31% to N1,595/$1 from the previous rate of N1,600/$1. It also appreciated against the British pound, closing at N2,135/£1 from N2,140/£1.
However, it depreciated slightly against the euro, weakening to N1,780/€1 from N1,775/€1.
The naira’s movement throughout the week was volatile, reflecting continuous pressures in the foreign exchange market.
Nonetheless, it stayed below the N1,600/$1 threshold, pointing to the effects of ongoing reforms.
