Naira Rebounds to N1,363.5/$ After Early-Week Dip

The Naira strengthened to N1,363.5 per dollar in the official foreign exchange market on Friday, marking a rebound of N60 after a sharp depreciation at the beginning of the week. Data from the Central Bank of Nigeria indicated that the currency experienced significant volatility throughout the week, having weakened sharply on Monday.

However, it gradually recovered in subsequent trading sessions, highlighting improved supply conditions in the foreign exchange market. The earlier pressure on the Naira was attributed to heightened demand for the dollar.

The currency opened the week on a weak note but began to stabilize towards the end of the trading week. This recovery represents a notable break from the relative stability observed in the previous week when the Naira traded within a narrow band.

The Central Bank of Nigeria stated that the country's improved external reserve position has helped cushion the Naira against prolonged pressure.