Naira Sees All Week Rally, Closed at N1580
In the foreign exchange market, the Naira, which has seen steady appreciation against the dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone. This marks a 0.28 percent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily. On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance. #Naira Sees All Week Rally, Closed at N1580 Egbin Power, House Committee Collaborate to Improve Performance
