The Nigerian currency, the Naira, experienced consistent strengthening against the US Dollar throughout the week and ended stronger on Friday, with a rate of ₦1,580.44 in the official foreign exchange market.
According to data from the Central Bank of Nigeria’s website, the Nigerian Naira appreciated by ₦4.51 against the US Dollar on Friday.
This represents a 0.28 percent increase from Wednesday’s closing rate of ₦1,584.95 at the official foreign exchange window.
The regional money stayed robust over the week, showing improvement each day.
On Monday, May 19, it was trading at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
In the meantime, during the 300th Monetary Policy Committee meeting conducted on Monday and Tuesday, the CBN decided to keep the Monetary Policy Rate unchanged at 27.5 percent.
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