The naira declined in the official market on Friday, closing at N1,529/$1, a decline from its previous close of N1,526/$1.
Despite falling below its close rate of N1,526/41 that it had maintained for two consecutive days, the currency still recorded a slight appreciation from the opening rate of N1,530/$1 at the start of the week.
While it strengthened by 0.65% week-on-week from last Friday’s close of N1,539/$1.
Throughout the week, the naira remained relatively stable, trading between N1,526/$1 and N1,530/$1 maintaining its closing rate within N1,530/$1 throughout the week.
According to data from the Nigerian Foreign Exchange Market (NFEM), the currency fluctuated between N1,526/$1 and N1,530/$1 during Friday’s trading session.
In the parallel market, the naira recorded a mild appreciation against some foreign currencies while it held steady against the dollar at the previous rate of N1,555/$1 on Friday.
It appreciated against the British pound, closing at N2,135/£1 from the last close of N2,140/£1. Similarly, it strengthened slightly against the euro to N1,770/€1 from N1,780/€1.
The naira movement in the foreign exchange market has been relatively stable throughout the week, signalling the positive impact of ongoing economic reforms. However, sustained efforts are necessary to stabilize the market.
