The Nigerian Naira closed the week unchanged at ₦1,586.15 to the U.S. Dollar on Friday at the official foreign exchange market, matching Thursday’s rate after an intraday gain of ₦4.59.
Central Bank of Nigeria data showed the currency had appreciated earlier in the week, trading at ₦1,583.73 on Monday and ₦1,579.40 on Tuesday, before slipping to ₦1,590.74 on Wednesday.
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.
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