The naira on Friday firmed up to close at ₦1,363.5 per dollar at the official foreign exchange market.
The development was after a sharp depreciation at the start of the week, according to data tracked on the Central Bank of Nigeria’s (CBN) website.
The currency fell to ₦1,425 per dollar on Monday, down from ₦ 1,398 per dollar recorded the previous Friday.
Monday’s drop marked its weakest closing level since January 12, 2026, when it last traded at the same rate.
By Tuesday, the naira appreciated to ₦1,390.5 per dollar.
Further gains were recorded on Wednesday, when the currency traded at ₦1,373.5 per dollar.
The recovery continued on Thursday, with the naira strengthening to ₦1,370 per dollar.
The currency gained more than ₦60 within four trading days after the early-week slide, after extending the recovery on Friday, closing at ₦1,363.5 per dollar.
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The Central Bank of Nigeria says the country’s improving external reserve position could help cushion the naira against prolonged pressure. According to the apex bank, Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025.
According to the apex bank, Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, reflecting improved external liquidity.
The governor of the apex central bank, Olayemi Cardoso, said ongoing monetary and foreign-exchange reforms are aimed at strengthening market confidence and improving liquidity.
