The Naira recorded a firmer showing in the official foreign exchange market this week, staying under the N1,450 per US dollar for four consecutive sessions ,a sharp contrast to the heavy pressure seen a week earlier when the currency consistently traded above that level.
Fresh data published daily by the Central Bank of Nigeria (CBN) showed a gradual but clear appreciation throughout the week.
Trading began on Monday at N1,452/$1, after which the Naira gained ground as the week progressed.By Tuesday, the rate improved to N1,441/$1 and edged slightly further on Wednesday at N1,442/$1.
The strengthening continued on Thursday at N1,445.9/$1, and by the close of business on Friday, the currency settled at N1,446.9/$1 — rounding off a steady five-day rebound.
This performance represents a significant turnaround from the previous week’s trading, which had been one of the most difficult stretches for the Naira in recent months.During that period, the currency remained above N1,450/$1 every day, a level last seen in October.
CBN figures show it began that week at N1,447/$1, slipped to N1,458/$1 on Tuesday, and only briefly recovered to N1,451/$1 on Wednesday before weakening again. It later fell to N1,459.95/$1 on Thursday and ended the week at N1,458/$1.
With this week closing at N1,446.9/$1, the Naira firmed notably against last week’s finishing rate of N1,458/$1.
Meanwhile, the Monetary Policy Committee (MPC) wrapped up its 303rd meeting with a decision to keep all key policy benchmarks unchanged — a signal of the CBN’s intention to maintain stability and preserve recent improvements in the forex market.
The committee held the Monetary Policy Rate (MPR) at 27%, the highest in recent history. This elevated rate, which influences lending conditions across the banking sector, remains central to efforts aimed at controlling inflation, attracting portfolio inflows, and reducing exchange rate volatility.
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