Naira closes at N1,368.26 per dollar, extends gains

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The Naira opened the trading week stronger on Monday, appreciating by N1.92 against the United States dollar at the official foreign exchange market.

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Data published on the Central Bank of Nigeria’s official website showed the currency closed at N1,368.26 per dollar on Monday.

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The latest performance represented a 0.14 per cent appreciation compared with Friday’s official closing rate of N1,370.19 per dollar.

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The gain, though modest, extended the domestic currency’s positive run recorded throughout the previous trading week.

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The Naira traded at N1,383.62 to the dollar on Monday, June 29, marking the week’s opening official exchange rate.

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The local currency strengthened further on Tuesday, June 30, closing at N1,379.68 against the dollar in the official market.

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Momentum continued on Wednesday, July 1, with the exchange rate improving to N1,372.40 per dollar.

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The currency maintained its upward trajectory on Thursday, July 2, closing at N1,370.15 against the dollar.

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The official market ended the week positively on Friday, July 3, with the Naira strengthening slightly to N1,370.19 per dollar.

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Monday’s appreciation reinforced the currency’s relative stability witnessed in recent months under ongoing monetary and foreign exchange reforms.

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Market analysts linked the sustained improvement to stronger foreign exchange liquidity across the official market.

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They also cited improved investor confidence, which has supported demand and supply conditions in the foreign exchange market.

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According to analysts, sustained policy measures introduced by the Central Bank of Nigeria have continued strengthening market transparency and price discovery.

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“The recent appreciation reflects improving foreign exchange liquidity and increased confidence in the official market.

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“The consistency of recent gains suggests that current monetary and foreign exchange reforms are beginning to deliver greater exchange rate stability,” analyst said.

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Economic observers, however, noted that sustaining the positive trend would depend on continued foreign exchange inflows and disciplined implementation of existing monetary policies.

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They also stressed the importance of maintaining investor confidence and expanding foreign currency earnings to support the Naira’s longer-term stability.

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(NAN)

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