The naira ended the five-day trading week on a strong note as the dollar crashed to N1,386.55 at the official foreign exchange market, marking its strongest performance in about two years since the commencement of the Electronic Foreign Exchange Matching System (EFEMS), as reform gains continued to gain traction.
Data from the Central Bank of Nigeria (CBN) showed that the naira appreciated by N35.08 as the dollar was quoted at N1,386.55, representing a gain of 2.53% compared to N1,421.63 quoted at the Nigerian Foreign Exchange Market (NFEM) on Friday last week.
The local currency had opened the week at N1,418.95 per dollar and gained 2.34%, or N32.40, by the end of trading. On a day-on-day basis, the naira strengthened by N10.44, or 0.75%, on Friday to close at N1,386.55, compared to N1,396.99 quoted on Thursday at the NFEM.