The naira closed the week on a strong footing, gaining notable ground against the US dollar across both the official and black-market exchange windows.
According to data from the Central Bank of Nigeria, the official rate saw the naira appreciate to ₦1,580.44 per dollar on Friday, improving from Thursday’s ₦1,584.95. That’s a daily gain of ₦4.51.
Meanwhile, at the parallel market, the local currency also made strides—trading at ₦1,615 per dollar on Friday compared to ₦1,625 the previous day, marking a ₦10 upswing.
As it stands, the gap between the official and parallel market rates has narrowed to ₦34.56 by close of business on Friday.
Throughout the week, the naira experienced a blend of highs and lows, with alternating gains and pullbacks in value against the greenback.
