Naira Strengthens Against Dollar Amid Crude Price Volatility
The Nigerian naira closed stronger at N1365 per US dollar in the official currency market, gaining about N3 week on week from N1368 at the beginning of last week's trading session.
The market experienced sharp liquidity fluctuations that caused the local currency to give up earlier gains in the last three trading sessions at the Nigerian foreign exchange market (NFEM).
The naira appreciated by 0.19% week-on-week to close at N1,365.69, according to data released by the Central Bank of Nigeria (CBN). The local currency depreciated by 0.06% in the parallel market, settling at N1410 per dollar demand from informal segment players.
Nigeria's external reserves rose marginally by 0.15% week-on-week to US$52.00 billion, reflecting a continued improvement in the country's external liquidity position.