Naira sustains gains, trades at N1,337
The Naira sustained its appreciation this week, strengthening to N1,337.28 against the US dollar. Read More: https://punchng.com/naira-sustains-gains-trades-at-n1337/
On Friday, the Nigerian Naira strengthened to N1,337.28 against the US dollar at the official foreign exchange market, marking its weeklong appreciation. The local currency gained N1.29, representing a 0.09% increase from Thursday's rate of N1,338.58 per dollar. This surge brought the Naira's cumulative gains for the week to N9.69 against the dollar between Monday and Friday.
The Naira resumed trading on Wednesday following the Tuesday Eid el-Maulud public holiday, initially trading at N1,343.59 per dollar. By Thursday, the currency strengthened further, closing at N1,338.58 per dollar. Nigeria has regained its frontier market status after three years, according to the Federal Government's initiatives.
These gains were not sustained by mere cash transfers, as emphasized by an ex-NAPEP boss urging the government to build income-generating schemes. Throughout the week, the Naira's rate at the official market has shown remarkable resilience, with a 0.72% appreciation compared to Monday's rate of N1,346.97 per dollar.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Naira sustains gains, trades at N1,337 punchng.com
