CBN reforms boost confidence as local currency posts steady week-long rally
The naira wrapped up the week on a positive note, appreciating further against the U.S. dollar at the official market to close at ₦1,386.55/$1 on Friday.
Data from the Central Bank of Nigeria (CBN) show the currency gained ₦10.43, a 0.7% improvement from Thursday’s close of ₦1,396.99.
The rally capped a stable and largely positive week, with the naira trading at ₦1,418.95 on Monday, ₦1,401.22 on Tuesday, and ₦1,400.47 on Wednesday—signs that ongoing CBN reforms are helping shore up confidence in the FX market.
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