Naira Closes Week Strong at N1,540/$1, Gains Across Markets

The naira appreciated in the black market on Friday, strengthening against the U.S. dollar to N1,540/$1 from N1,550/$1 the previous day.

This marks a stronger close compared to the week’s opening rate, with the currency gaining 0.32% from N1,545/$1 on Monday to N1,540/$1 on Friday.

Against the British pound, the naira rose slightly to N2,090/£1 from N2,095/£1, while the sell rate stood at N2,110/£1. It, however, weakened marginally against the euro, falling to N1,770/€1 from N1,775/€1, with the sell rate easing to N1,790/€1 from N1,800/€1.

In the official market, the naira mirrored this positive trend against the U.S. dollar, closing at N1,534/$1 on Friday. Throughout the week, the official rate remained relatively stable, fluctuating between N1,533/$1 and N1,536/$1.

Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday movements on Friday ranging from N1,529.75/$1 to N1,535/$1.

The naira’s relative stability signals sustained market confidence. However, analysts note that maintaining this momentum will require consistent policy support and continued investor trust.

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