The naira ended the week on a positive note on Friday, appreciating by 0.7 per cent against the U.S. dollar at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed the local currency closed at N1,487.89 per dollar, gaining N11.08 from Thursday’s rate of N1,498.97.
The currency had also opened the week strong, recording a N4.03 gain on Monday.
However, it experienced slight depreciation midweek, trading at N1,484.13 on Tuesday, N1,494.01 on Wednesday, and N1,498.97 on Thursday.
Analysts attributed the recovery to ongoing CBN reforms aimed at easing pressure on the local currency.
Members of the Monetary Policy Committee, in their individual statements during the 301st MPC meeting in July, also projected a sustained appreciation of the naira.