The naira continues to show strength against the dollar, closing out the week on a positive note.
According to data from FMDQ, the naira saw a significant increase to N1631.21 per dollar on Friday, up from N1659.26 on Thursday, marking a gain of N28.05.
The black market also saw a gain, with the naira climbing by N10 to N1670 on Friday from N1680 the day before. This positive trend in the exchange rate is sure to attract attention from investors and analysts alike.
The strengthening of the naira is expected to boost investor confidence and attract foreign investment into the country, OBSERVERSTIMES report .
Analysts attribute the naira’s appreciation to increased inflow of foreign exchange into the economy, as well as the Central Bank of Nigeria’s intervention in the market. The CBN has been taking measures to stabilize the currency market and reduce the pressure on the naira.
The improved exchange rate is also a welcome development for consumers, as it is expected to help control inflation and reduce the cost of imported goods. A stronger naira means that Nigerians can get more value for their money when purchasing foreign goods.
