The naira ended the week with a gain of N11.12 per dollar in the official foreign exchange (FX) market, as market liquidity surged amid growing external buffers.
Data published by the Central Bank of Nigeria (CBN) showed that the naira appreciated by 0.83 percent week-on-week, with the dollar quoted at N1,346.49 on Friday compared with N1,357.61 quoted on Friday last week at the Nigerian Foreign Exchange Market (NFEM).
On a day-on-day basis, the local currency strengthened marginally by N1.14 from N1,347.63 on Thursday. Over the five trading days, the naira gained N3.05 per dollar from N1,349.54, the opening rate on Monday.
In the parallel market, also known as the black market, the local currency closed the week at N1,405, marking a gain of 0.35 percent compared with N1,410 previously. The gap between the official and parallel market rates widened to 4.75 percent on Friday, compared with 4.64 percent last week.
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