Naira rebounds to N1,358.25/$ as reserves climb above $52 billion
The naira strengthened by N5.75 against the US dollar over the week, closing at N1,358.25/$ at the Nigerian Foreign Exchange Market (NFEM) on Friday, according to Central Bank of Nigeria (CBN) data. The post Naira rebounds to N1,358.25/$ as reserves climb above $52 billion appeared first on Nairametrics .
The Nigerian naira strengthened to N1,358.25 against the US dollar at the end of the week, according to Central Bank of Nigeria (CBN) data. This represents a 0.42% increase from the previous week's rate of N1,364/$. The naira also appreciated by N2.75, or 0.20%, compared to the opening rate of N1,361.50/$ on Monday. The recovery followed a week where the currency initially weakened, falling to N1,365/$ on Tuesday before regaining strength over the final three trading sessions.
This movement occurred amidst fluctuations in foreign exchange market activity and a rise in Nigeria's external reserves. Despite midweek weakness, the naira ended the week stronger, with a total interbank turnover of $119.59 million on Friday. The recovery came as foreign exchange turnover fell sharply at the start of the week but recovered in subsequent sessions.
Nigeria's external reserves climbed to $52.26 billion, up from $52.06 billion the previous week, providing additional support to the country's foreign exchange position.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
