Naira sustains gains, trades at N1,337

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The Naira on Friday sustained its weeklong appreciation, strengthening to N1,337.28 against the US dollar at the official foreign exchange market.

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Data published on the official website of the Central Bank of Nigeria showed that the local currency gained N1.29.

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The latest appreciation represented a 0.09 per cent increase from Thursday’s rate of N1,338.58 per dollar.

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The Naira has now recorded gains throughout the week, extending an appreciation trend that had persisted for a fortnight.

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Following Tuesday’s Eid el-Maulud public holiday, the Naira resumed trading on Wednesday at N1,343.59 per dollar.

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The currency subsequently strengthened by N5.01 on Thursday, closing at N1,338.58 per dollar.

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On Monday, the Naira traded at N1,346.97 per dollar before continuing its upward movement during the week.

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The latest performance means the currency gained N9.69 against the dollar between Monday and Friday at the official market.

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The Naira’s Friday rate therefore represented a 0.72 per cent appreciation compared with Monday’s N1,346.97 per dollar.

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The sustained gains highlight continued strengthening of the domestic currency at the official foreign exchange market during the week.

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