The Nigerian currency, Naira, wrapped up the week with a significant boost, closing at N1,480/$1 at the official window on Friday—its strongest showing in nine months.
Data published on the Central Bank of Nigeria (CBN) website revealed the local currency appreciated from Thursday’s close of N1,485/$1. The last time the Naira traded this strong was on January 31, 2025, when it settled at N1,475/$1.
The week opened at N1,491.49/$1 on Monday before a slight dip to N1,493.2/$1 on Tuesday, coinciding with the conclusion of the 302nd Monetary Policy Committee (MPC) meeting. Midweek, the currency rebounded to N1,486.8/$1 on Wednesday and extended gains to N1,485/$1 on Thursday before Friday’s close at N1,480/$1.
In the parallel market, traders reported the Naira firmed up as well, ending at N1,506.5/$1 on Friday compared to N1,511/$1 on Thursday and a steeper N1,520/$1 the previous week.
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A review of last week’s movement showed the official rate had opened at N1,495/$1 on Monday, fluctuating across the week before ending at N1,488/$1 on Friday. This week, however, the performance proved more stable, reflecting a steady upward trend.
Similarly, the parallel market showed improvement over last week’s levels, when the Naira closed at N1,520/$1 on Friday after weakening to N1,530.5/$1 and N1,537/$1 midweek.
Meanwhile, Nigeria’s foreign reserves climbed to $42.2 billion, up from $41.9 billion a week earlier.
CBN Governor Olayemi Cardoso, speaking after Tuesday’s MPC meeting, attributed the improved outlook to ongoing reforms, greater transparency, and a shift toward a more market-driven exchange rate framework.
He stressed the apex bank’s priority of driving inflation down to single digits despite political pressures ahead of the 2026 pre-election season.
“Exchange rate stability is key. If we are going to continue to moderate inflation the way we have, exchange rate stability is key. Fiscal discipline is key,” Cardoso said.
The governor also assured both investors and the public that the CBN would remain steadfast in consolidating recent macroeconomic stability while pursuing data-driven policy decisions.