The Naira recorded its third straight appreciation against the Dollar at the official foreign exchange market, ending the week on a positive note on Friday.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to ₦1,532.51 per dollar on Friday, compared to ₦1,534.52 traded the previous day, reflecting a daily gain of ₦2.01.
According to Hobnob News, the parallel market also witnessed an improvement, with the Naira appreciating by ₦5 to close at ₦1,560 per dollar, stronger than the ₦1,565 it traded on Thursday.
On a week-on-week basis, the currency firmed up by ₦1.05 at the official window and by ₦5 at the black market.
This development comes as the National Bureau of Statistics (NBS) on Friday reported a decline in Nigeria’s inflation rate, which dropped to 21.88 percent in July from 22.22 percent in June, signaling some relief for consumers and businesses.
Analysts say the combined improvement in exchange rate performance and inflation figures could boost market confidence in the coming weeks, though challenges remain for long-term currency stability.
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