The naira closed at N1,536.82/$1 on Friday in the official market, appreciating by 0.11% from Thursday’s close.
Throughout the week, the naira experienced a rollercoaster ride against the US dollar, declining in the official market while appreciating in the parallel market.
The market opened on Monday with optimism as the naira strengthened to N1,531.19/$1, up from last Friday’s close of N1,536.89/$1.
However, from Tuesday, the naira began depreciating against the dollar despite intervention by the Central Bank of Nigeria (CBN), continuing this downward trend until Thursday. By Friday, the naira appreciated by 0.11% to N1,536.82/$1, closing almost at the same rate as last Friday’s N1,536.89/$1.
In the parallel market, the naira appreciated on Friday, closing at N1,540/$1, a 0.96% increase from Thursday’s N1,555/$1. Similarly, it strengthened against the British pound by 0.25%, closing at N1,990/£1 from N1,995/£1. The naira also gained 0.30% against the euro, closing at N1,660/€1, up from N1,665/€1.
Earlier in the week, the CBN sold $41.6 million at rates between N1,527.50/$1 and N1,531/$1 to help stabilize the market. Midweek, it injected an additional $27.9 million.
However, these interventions did not yield immediate results as the naira continued to weaken. But by the end of the week, the currency regained its earlier losses, closing at the same rate as last Friday.
Market players believe the CBN will continue to support the naira in an effort to stabilize the market.
