The naira ended the week relatively stable across the foreign exchange (FX) market segments as Nigeria’s external reserves climbed to a 17-year high of $52.25 billion, strengthening the Central Bank of Nigeria’s (CBN) capacity to support the local currency and meet the country’s external obligations.
Data published by the CBN showed that the naira appreciated by N8.08 week-on-week, with the dollar quoted at N1,357.61 at the close of trading on Friday, compared with N1,365.69 quoted a week earlier at the Nigerian Foreign Exchange Market (NFEM).
On a day-on-day basis, the local currency steadied at N1,357.61, representing a marginal N0.04 gain from N1,357.65 quoted on Thursday. Over the five trading days, the naira strengthened by N2.53 from N1,360.14/$ recorded on Monday, the first trading day of the week.
In the parallel market, also known as the black market, the local currency also remained stable at N1,420 per dollar. Consequently, the gap between the official and parallel market rates narrowed slightly to 4.64 percent from 4.71 percent previously.
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