The Naira continued its appreciation on Friday from N1,355.25/$ recorded at the end of the previous week, closing at N1,342.5/$, boosted by improving global sentiment and a weaker U.S. dollar.
According to data published on the Central Bank of Nigeria’s (CBN) website, the naira opened the week at N1,358/$ on Monday and strengthened to N1,348/$ on Tuesday.
The currency appreciated further to N1,341.99/$ on Wednesday and N1,341.01/$ on Thursday.
The development followed a drop in external reserves to $48.65 billion as of April 16, 2026. This represents a decline from $48.72 billion at the start of the week and $48.81 billion at the close of the previous week.
Naira’s growth reflects a notable rebound from the prior week, when the naira traded as weak as N1,389/$ before gradually recovering.
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Global developments also played a significant role in supporting the naira’s rally, particularly the weakness in the U.S. dollar.
The dollar index fell by 0.49% to 97.73, hitting its lowest level since late February. The currency weakened following easing geopolitical tensions in the Middle East, after assurances that the Strait of Hormuz would remain open for global shipping. This reduced demand for safe-haven assets and boosted emerging market currencies.
The index recorded a two-week decline of about 2.5%, its sharpest drop in a year.
The euro gained 2.7% during the week, while the Japanese yen also strengthened against the dollar.
