The naira maintained its previous rate of N1,586/$1 in the official market on Friday, showing relative stability at the end of a week of fluctuations in the foreign exchange market.
The end-of-the-week rate represents a 0.38% decline compared to last Friday’s closing rate of N1,580/$1.
According to data from the Nigerian Foreign Exchange Market, the naira traded between N1,584.50/$1 and N1,589/$1 during Friday’s session before settling at an official rate of N1,586.15/$1.
In the parallel market, the naira improved slightly, closing at N1,615/$1 compared to its previous rate of N1,620/$1.
It held its previous rate against the British Pound, closing the week at N2,150/£1, while it weakened against the euro, declining by 0.28% to close at N1,800/€1 from N1,795/€1.
The Central Bank of Nigeria’s (CBN) continuous efforts to maintain stability in the foreign exchange market will be pivotal in stabilizing the naira in the coming weeks.
