Naira gains N15.23 against dollar at official market

The Naira on Friday extended its gain, closing the trading week stronger at N1,421.73 to the dollar at the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N15.23 or 1.07 per cent compared with  N1,436.97 recorded on Tuesday.

The latest gain continues a weeklong positive trend that has seen steady appreciation in the value of the Naira.

The local currency traded at N1,452.79 to the dollar on Monday, N1,448.20 on Tuesday, and N1,444.42 on Wednesday.

Read Also: CBN debunks allocating $1.3bn for fuel import

Financial analysts have lauded the sustained improvement of the Naira across both official and parallel markets, attributing the stability to key economic factors.

They cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list, rising oil revenues, improved foreign reserves, and increased diaspora remittances as major drivers of the recent gains. (NAN)