The naira held its ground on Friday in the official market, as it closed at N1,600/$1, a mild appreciation from the previous day‘s rate of N1,602/$1.
The naira has continued to remain relatively stable throughout the week in the foreign exchange market despite continuous demand pressure.
The Nigerian currency closed between N1,602.63/$1 and N1,599.55/$1 during the week trading as pressure continued to mount.
According to data from the Nigerian Foreign Exchange Market (NFEM), the naira opened the week on a downward slope as it depreciated by 0.17% from last Friday’s close of N1,599.994/$1 to N1,602.63/$1.
The official close of N1,599.55/$1 this Friday signifies the naira reversal of all its losses for the week, closing at almost the same rate as last week.
In the parallel market, the naira continued to hold its previous rate against all the foreign currencies as it closed at N1,598/$1, the same as the previous day’s rate.
Likewise, the Nigerian currency continued to hold its Thursday rate of N2,080/£1 against the British pound during trading on Friday. Similarly, the euro closed at N1,770/€1 on Friday.
The Central Bank of Nigeria‘s (CBN) efforts to stabilize the naira are delivering a favourable outcome as the naira remained relatively stable throughout the week.
The continuous support of the CBN will be paramount in sustaining the momentum especially when the country is on the part of renewing investors’ confidence in the country.
