The Naira remained unchanged on Friday, closing the week at ₦1,586.15 to the Dollar at the official foreign exchange market.
It traded at the same rate on Thursday, having gained ₦4.59 against the Dollar earlier in the day.
Data from the Central Bank of Nigeria showed the Naira appreciated on Monday and Tuesday, trading at ₦1,583.73 and ₦1,579.40.
However, the local currency slightly depreciated on Wednesday, trading at ₦1,590.74 against the Dollar.
Since December 2024, the Naira has maintained relative stability due to Central Bank reforms and government fiscal support measures.
These developments have been viewed as signs of growing investor confidence and improved foreign exchange liquidity.
Analysts continue to commend the Tinubu administration’s bold reforms in the foreign exchange sector.
They note that market liberalisation, rate unification, and greater transparency have strengthened the FX framework.
President Bola Tinubu, in his second anniversary address on Thursday, highlighted the reforms’ positive impact on the currency market.
“While FX revaluation raised our debt-to-GDP ratio to 53 per cent, debt service-to-revenue fell from 100 to under 40 per cent.
“We cleared IMF debts and increased external reserves from $4 billion in 2023 to over $23 billion by end-2024,” he said.
