Naira ends week stronger at official market
The Nigerian Naira appreciated slightly against the US dollar at the official foreign exchange market, closing at N1,380.18. CBN Governor Olayemi Cardoso attributed the stability to ongoing reforms aimed at increasing transparency and liquidity.
Why it matters
Currency stability is critical for Nigeria's economic health and investor confidence in the nation's financial reforms.
The Naira ended the trading week stronger on Friday, appreciating to N1,380.18 against the United States dollar at the official foreign exchange market. Data published on Friday by the Central Bank of Nigeria (CBN) showed the local currency gained N1.34 compared with Thursday’s closing rate of N1,381.52 per dollar. The latest appreciation represented a 0.09 per cent gain, extending the Naira’s relative stability despite slight fluctuations recorded during trading this week. The improved performance follows ongoing foreign exchange reforms introduced by the CBN to enhance transparency, improve liquidity and restore confidence in Nigeria’s currency market. CBN Governor, Mr Olayemi Cardoso, said the reforms had restored stability and transparency to Nigeria’s foreign exchange market after years of distortions. Cardoso spoke during a fireside chat at the 14th Annual BusinessDay CEO Forum held in Lagos on Thursday.
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