Naira strengthens by N15.23 against dollar at official market

The Naira continued its upward trend on Friday, appreciating further to close the week at N1,421.73 per dollar in the official foreign exchange market.

According to data released by the Central Bank of Nigeria (CBN), the local currency gained N15.23, or 1.07 per cent, compared to N1,436.97 recorded on Tuesday.

The latest performance extends a weeklong rally that has seen steady appreciation in the value of the Naira.

Throughout the week, the local currency traded at N1,452.79 on Monday, N1,448.20 on Tuesday, and N1,444.42 on Wednesday.

Financial experts have welcomed the consistent improvement of the Naira in both the official and parallel markets, linking the trend to several key economic developments.

They pointed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list, rising oil earnings, stronger foreign reserves, and increased diaspora remittances as major contributors to the currency’s recent gains.