The Nigerian Naira appreciated 0.75% against the US Dollar across five trading days, with official benchmark rates strengthening from N1,360.58/$ on August 12 to N1,350.41/$ on August 19.
Data from the Central Bank of Nigeria (CBN) revealed the foreign exchange spot market recorded volatile price action over the period, touching a peak ceiling of N1,362.00/$ before rebounding.
The local currency established a firm intra-week high on August 18 when the official NFEM rate surged to N1,343.32/$, driven by an intraday trading floor of N1,340.00/$.
Though the Naira experienced a brief N7.09 pullback on Wednesday to close at N1,350.41/$, market turnover rebounded past $1.41 billion earlier in the week.
The foreign exchange stability coincides with Nigeria’s gross external reserves surging past $52.5 billion, marking a 17-year high that bolsters the central bank’s capacity to defend the currency.
