The naira held its ground in the official market on Friday, as it closed at N1,599/$1, the same as the previous day’s rate.
With movement being relatively stable throughout the week as it closed between N1,598/$1 and N1,600/$1, the rate signifies a 0.46% improvement from last Friday’s close of N1,606/$1.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira fluctuated between N1,597/$1 and N1,603.50/$1 before arriving at the NFEM rate of N1,598.72/$1 during the Friday trading session.
In the parallel market, the currency appreciated by 0.61% against the dollar to N1,620/$1, from its last close of N1,630/$1.
While it improved against the British pound to N2,160/£1 from Thursday’s close of N2,165/£1. However, the Nigerian currency held its previous rate of N1,815/£1 against the euro.
The foreign exchange market remained relatively stable throughout the week, as the naira experienced minimal fluctuations, as the Central Bank of Nigeria (CBN) continues to oversee the market, market participants anticipate a more stable market amid ongoing reforms.
