The naira strengthened against the dollar in both the black and official markets on Friday, closing at N1,515/$1 in the black market, an improvement from Thursday’s N1,520/$1.
This performance is a 1.3% week-on-week increase, compared to last Friday’s close of N1,535/$1.
However, the naira lost ground against other major currencies. It depreciated to N2,085/£1 against the British pound from N2,075/£1, with the sell price rising to N2,110/£1 from N2,100/£1.
Against the euro, it slipped to N1,770/€1 from N1,765/€1, while the sell price increased to N1,790/€1 from N1,785/€1.
In the official market, the naira also advanced, closing at N1,488/$1, stronger than Thursday’s N1,499/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed it traded between N1,481/$1 and N1,499/$1 during Friday’s session.
Overall, the naira showed resilience against the U.S. dollar this week, supported by improved dollar supply and recent market interventions.
Still, analysts note that global economic conditions will continue to weigh on the exchange rate in the coming weeks.
