Nigeria's Naira Gains Strength Against US Dollar

The Nigerian naira has recorded a significant gain against the US dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira strengthened further against the dollar on Friday, trading at N1,346.49 compared with N1,347.63 recorded on Thursday.

This represents a marginal N1.14 gain by the naira against the dollar on a day-to-day basis. On a week-on-week basis, however, the naira appreciated by N11.12 against the dollar.

The stability of the naira at the black market is also worth noting, as it remained unchanged from Thursday's rate of N1,405 per dollar.