The naira closed the week at ₦1,488 per dollar, its strongest weekly performance since January, buoyed by gains in both official and parallel markets.
The naira ended the week at ₦1,488/$1, its strongest close since January, reflecting steady gains in both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria (CBN) showed the currency opened at ₦1,495/$1 on Monday, improved to ₦1,485.05/$1 on Tuesday, before closing Friday at ₦1,488/$1. This marked a recovery from ₦1,503.5/$1 the previous week.
In the parallel market, the naira also strengthened, trading at ₦1,520/$1 on Friday, compared with ₦1,537/$1 on Wednesday. The narrower gap between the official and parallel rates signals cautious optimism among market participants.
The CBN also reported that Nigeria’s foreign reserves rose to $41.9 billion, up from $41.6 billion last week.
Experts attributed the rally to structural reforms and improved crude oil production. Professor Murtala Sagagi, an MPC member, said: “With new inflows of capital and rising oil output, it is likely that the naira will continue to appreciate, potentially reaching ₦1,400 before the end of the year.”