The Nigerian naira (NGN) edged up 70 basis points week-on-week in the official foreign exchange market on Friday, closing at ₦1, 348 a dollar to cap a week of steady gains against the greenback. At the close of trading last week, the naira stood at ₦1,358 a dollar in the official market.
Data from the Central Bank of Nigeria showed the local currency holding a largely upward trajectory throughout the week. The upward tick signals renewed stability and improved market sentiment.
During the launch of Nigeria’s National Industrial Policy, Nigerian billionaire industrialist, Aliko Dangote hinted that the Naira could hit ₦1,100 a dollar this year, driven by ongoing economic reforms, reduced reliance on imports, and increased confidence in local production. Fellow billionaire Otedola is now on record as forecasting that NGN would break the ₦1,000 mark when Dangote refinery reaches full capacity.
Emerging Markets (EM) Desk
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