By Ayomide Otitoju
The naira strengthened on Friday to close at ₦1,363.5 per dollar at the official foreign exchange market, recovering from a sharp depreciation earlier in the week, according to data from the Central Bank of Nigeria (CBN).
The currency had weakened to ₦1,425 per dollar on Monday, down from ₦1,398 recorded the previous Friday. The decline marked the naira’s weakest closing level since January 12, 2026, when it last traded at the same rate.
However, the local currency began to recover on Tuesday, appreciating to ₦1,390.5 per dollar. The upward trend continued on Wednesday, with the naira strengthening to ₦1,373.5 per dollar, before closing at ₦1,370 per dollar on Thursday.
By Friday, the naira extended its gains to ₦1,363.5 per dollar, representing an appreciation of more than ₦60 within four trading sessions following the early-week decline.
The Central Bank of Nigeria said Nigeria’s improving external reserve position could help cushion the currency against prolonged pressure. The apex bank noted that the country’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, reflecting improved external liquidity.
CBN Governor Olayemi Cardoso said ongoing monetary and foreign exchange reforms are aimed at strengthening market confidence and improving liquidity in the market.
