The naira ended the five-day trading week on a strong note, as the dollar fell to N1,386.55 at the official foreign exchange market, marking the currency’s strongest performance in about two years.
Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated by N35.08, with the dollar quoted at N1,386.55, representing a gain of 2.53 per cent compared with N1,421.63 quoted at the Nigerian Foreign Exchange Market (NFEM) on Friday last week.
The local currency opened the week at N1,418.95 per dollar and gained 2.34 per cent, or N32.40, by the close of trading. On a day-on-day basis, the naira strengthened by N10.44, or 0.75 per cent, on Friday to close at N1,386.55, compared with N1,396.99 quoted on Thursday at the NFEM.