By Omodele Adigun
The Naira closed bullish on Friday, appreciating by 0.7 per cent against the US Dollar to settle at N1,487.89 at the official market, according to data from the Central Bank of Nigeria (CBN).
The figure represents an N11.08 gain compared to Thursday’s closing rate of N1,498.97. The local currency also opened the week strong on Monday, gaining N4.03 against the dollar.
However, the Naira suffered slight declines on Tuesday, Wednesday, and Thursday, trading at N1,484.13; N1,494.01; and N1,498.97 respectively, before recovering to end the week higher.
Financial analysts commended the resilience of the currency, linking the gains to sustained reforms by the CBN aimed at reducing pressure on the foreign exchange market.
Members of the CBN’s Monetary Policy Committee (MPC) had also predicted a gradual appreciation in their personal statements during the 301st MPC meeting in July 2025, noting that policy consistency was beginning to yield results.
With the week’s performance, market watchers say the Naira is showing signs of a slow but steady recovery, though they caution that global oil price movements and domestic demand for dollars will remain key determinants in the coming weeks.
