The naira maintained stability in the black market on Friday, closing the week at N1,540/$1, the same as Thursday’s rate.
This marks the third consecutive day the local currency has traded at the same level against the U.S dollar in the black market, and also the same rate it closed last Friday.
Against other foreign currencies, however, the naira declined slightly. It depreciated to N2,085/£1 from N2,075/£1 against the British pound, and sold at N2,105/£1 compared with N2,100/£1 the previous day.
Trading against the euro, the naira also slipped to N1,775/€1 from N1,770/€1, while sellers sold the euro at N1,795/€1, higher than N1,790/€1 recorded a day earlier.
In contrast, the official market saw a marginal gain, with the naira appreciating to N1,535/$1, compared to N1,536/$1 the previous day.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading between N1,534.50/$1 and N1,536/$1 during the session.
With the naira showing signs of stability, consistent effort from the Central Bank of Nigeria interventions, and improved dollar supply will be pivotal to the stability of the currency in the foreign exchange market.
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