Naira continues its rally, closing at N1,251.05/$1 on the weekend

The naira continued its rally with a 4.7 per cent gain to close the weekend at N1,251.05 per dollar. In the forwards market, the naira appreciated across all tenors. The one-month forwards appreciated by 4.4 per cent to N1,277.79 per dollar, three-month forwards rose by 5.5 per cent to N1,302.91 per dollar, six-month forwards improved by 5.7 per cent to N1,360.09 per dollar while the one-year contracts rallied by 4.2 per cent to N1,479.02 per dollar. The appreciation in the forwards market underlined a near consensus among analysts, projecting a stable and resilient naira going forward.