The Nigerian naira strengthened against the US dollar at the Nigerian Foreign Exchange Market (NFEM), closing at N1,358.25/$ on Friday, according to data from the Central Bank of Nigeria (CBN).
The naira gained N5.75, or 0.42%, compared with the previous week’s closing rate of N1,364/$.
The currency also appreciated by N2.75 from Monday’s opening rate of N1,361.50/$, despite initially weakening to N1,365/$ on Tuesday.
The naira recovered during the final three trading sessions of the week, closing at N1,360.15/$ on Wednesday, N1,356.50/$ on Thursday and N1,358.25/$ on Friday.
On Friday, the currency traded between N1,360/$ and N1,356.50/$, while the weighted average rate stood at N1,357.61/$.
CBN data showed that 137 interbank transactions were recorded on Friday, with total interbank turnover reaching $119.59 million.
External Reserves Rise to $52.26 Billion
The naira’s recovery coincided with an increase in Nigeria’s external reserves, which rose from $52.06 billion to $52.26 billion during the week.
The reserves increased by approximately $201.86 million, representing a 0.39% weekly rise, keeping Nigeria’s reserves comfortably above the $52 billion mark.
Foreign exchange market activity, however, remained volatile throughout the week. NFEM turnover fell to $185 million on August 11 before recovering to $607.47 million on Wednesday and $387.09 million on Thursday.
The latest figures indicate that stronger external reserves and changing foreign exchange market activity are providing additional support for the naira at the official market.
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