Tag: Dollar

The Naira closed stronger on Friday in the official market, trading at N1,599.55 to the Dollar, ending a week marked by fluctuations.

This recovery follows a period of instability, with the local currency experiencing several days of inconsistent performance.

Data from the Central Bank of Nigeria (CBN) indicated that the Naira gained N2.27 against the Dollar.

The gain represents a 0.14 per cent improvement from Thursday’s rate of N1,601.82 to the Dollar.

The Naira had opened negatively following the Easter break on Tuesday, April 22.

On that day, it traded at N1,602.63 per Dollar, a 0.16 per cent loss from 17 April’s rate of N1,599.94.

By Wednesday, April 23, the Naira strengthened slightly to N1,602.30, a 0.03 per cent gain from the previous day.

The Naira depreciated on Friday at the official market, trading at N1,567.02 to a dollar.

Data from the Central Bank of Nigeria (CBN) Website showed that the Naira lost N14.49.

This represents a 0.93 per cent loss when compared to N1,552.53 per dollar recorded on Thursday.

The local currency which opened on a positive note after the Sallah holiday gained N5.56 on Wednesday, April 2 representing a 0.36 per cent gain against the Dollar.

However, the local currency slumped by 1.38 per cent on Thursday, April 3 representing a loss of N21.28.

The Naira had enjoyed relative stability against the US Dollar since December 2024, due to CBN’s reforms promoting transparency in the foreign exchange market.

However, the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso, had in February warned of consequences of the global trade wars on Nigeria.

Cardoso said that the imposition of increased tariffs by the United States could exacerbate inflationary pressures globally, with potential spillover effects on Nigeria’s economy.

The Naira ended the week positively on Friday, trading at N1,517.93 to a Dollar in the official market.

Data from the Central Bank of Nigeria (CBN) showed that the Naira, which had been falling since March 5, gained N29.89.

This represents a 1.9 per cent increase compared to Thursday, when it closed at N1,547.82 to the Dollar.

The naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

This comes as a Bureau de Change operator in Wuse Zone 4, Abuja, revealed that the naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

On a day-to-day basis, the naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

In the last three days, the naira has gained N15 against the dollar in the black market.

In contrast, in the official market, the naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

The Naira further appreciated in the official market on Friday, trading at N1,474.78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows.