Naira Strengthens Against Dollar Amid Improved FX Supply and Rising Reserves

The Nigerian naira has recorded another weekly gain against the US dollar, thanks to improved foreign exchange supply and stronger liquidity in the market.

Data from the Central Bank of Nigeria showed that the currency closed at N1,346.49 per dollar in the official market, gaining N11.11 over five trading days, representing a 0.83 per cent appreciation from the previous week.

The parallel market also recorded a marginal improvement, with the naira closing at N1,400.61 per dollar amid relatively balanced demand and supply conditions.

Nigeria's gross external reserves increased by 0.65 per cent to $52.657bn, further strengthening the country's external liquidity position.