The Naira extended its winning streak on Friday, ending the trading week stronger at N1,421.73 per dollar in the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). This marks a 1.07% or N15.23 appreciation from N1,436.97 recorded earlier in the week, continuing a steady upward trend that began Monday.
The local currency’s rise is attributed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list, burgeoning oil revenues, rising foreign reserves, and a surge in diaspora remittances all boosting confidence in the Naira’s stability.
Financial experts applaud this sustained improvement, seeing it as a positive sign for the Nigerian economy and investors alike, with hopes that upward momentum will continue.
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