Naira Gains Again as Dollar Rate Drops (DETAILS)

The naira on Friday closed the week higher at the official market, trading at N1,346.49 to the U.S. dollar.

Data from the official website of the Central Bank of Nigeria revealed that the naira gained N1.13, representing a 0.08 per cent gain, compared with Thursday, when it traded at N1,347.62 per dollar.

The naira, which remained relatively stable amid ongoing CBN reforms, experienced only a day of depreciation during the week.

On Monday, it opened the trading week with an appreciation, trading at N1,349.53 to a dollar, while on Tuesday, the local currency further appreciated before recording a minimal loss of 0.5 per cent on Wednesday.

However, the naira recovered on Thursday with a gain of N2.79 before closing the week with a further gain on Friday.

(PUNCH)