Naira sustains weeklong gains against dollar at N9.69
The naira on Friday sustained its weeklong appreciation, strengthening to N1,337.28 against the US dollar at the official foreign exchange market.
Data published on the official website of the Central Bank of Nigeria (CBN) showed that the local currency gained N1.29.
The latest appreciation represented a 0.09 per cent increase from Thursday’s rate of N1,338.58 per dollar.
The naira recorded gains throughout the week, extending an appreciation trend that had persisted for a fortnight.
Following Tuesday’s Eid el-Maulud public holiday, the naira resumed trading on Wednesday at N1,343.59 per dollar.
The currency subsequently strengthened by N5.01 on Thursday, closing at N1,338.58 per dollar.
On Monday, the naira traded at N1,346.97 per dollar before continuing its upward movement during the week.
The latest performance means the currency gained N9.69 against the dollar between Monday and Friday at the official market.
The naira’s Friday rate therefore represented a 0.72 per cent appreciation compared with Monday’s N1,346.97 per dollar.
The sustained gains highlight continued strengthening of the domestic currency at the official foreign exchange market during the week.
(NAN)
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