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Naira Appreciates 0.7% to ₦1,487.89/$ as CBN Reforms Boost Confidence
The Naira closed the week stronger at ₦1,487.89 per Dollar, gaining 0.7% from Thursday’s rate. Analysts credit steady recovery to CBN reforms, with MPC members predicting continued appreciation.
The Naira closed the week on a bullish note Friday, trading at ₦1,487.89 per Dollar at the official market, according to Central Bank of Nigeria (CBN) data.
The local currency appreciated by ₦11.08 or 0.7% from Thursday’s rate of ₦1,498.97. It had also opened the week positive on Monday, strengthening by ₦4.03 against the Dollar.
However, slight dips were recorded midweek, with the Naira trading at ₦1,484.13 on Tuesday, ₦1,494.01 on Wednesday, and ₦1,498.97 on Thursday.
Analysts welcomed the currency’s steady rebound, crediting the improvement to CBN reforms designed to ease pressure on the foreign exchange market.
Members of the CBN Monetary Policy Committee (MPC) also expressed optimism, forecasting further appreciation in their personal statements following the 301st MPC meeting held in July 2025.
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