The naira has kicked off the new month with renewed momentum, riding on a sharp decline in the value of the US dollar across Nigeria’s foreign exchange markets.
At the close of the five-day trading week, the local currency recorded its strongest performance in nearly two years, reinforcing growing optimism around the stability of the FX market.
At the official Nigerian Foreign Exchange Market (NFEM), the dollar fell to N1,386.55
This marked a gain of N35.08 for the naira, or 2.53 per cent, compared with the N1,421.63 recorded at the end of the previous week.
Trading data from the Central Bank of Nigeria showed that the naira opened the week at N1,418.95 per dollar before strengthening steadily to close at N1,386.55. This represents a weekly appreciation.
On a day-on-day basis, the currency gained further ground, appreciating by N10.44 or 0.75 per cent close of N1,396.99.
The consistent upward movement highlights improving confidence and liquidity in the official FX window.
The positive trend was not limited to the official market. At the parallel market, commonly referred to as the black market, the naira appreciated by N18 to close the week at N1,452 per dollar.
This represents a 1.23 per cent gain from the N1,470 level seen earlier in the week. The narrowing gap between official and parallel market rates continues to signal reduced arbitrage opportunities and easing speculative pressure on the currency.
