The naira ended the week slightly stronger against the US dollar in the official foreign-exchange market, while Nigeria’s external reserves continued to rise and the parallel-market rate held steady.
Key takeaways
- The official exchange rate reached N1,357.61 per dollar on Friday.
- The naira gained N0.04 from Thursday’s rate of N1,357.65.
- The currency recorded an overall N8.08 improvement in the official market.
- The parallel-market rate remained unchanged at N1,425 per dollar.
- Nigeria’s foreign-exchange reserves increased to $52.26 billion on Thursday.
Naira posts further official-market gain
Data from the Central Bank of Nigeria showed the naira closing at N1,357.61 to the dollar on Friday, compared with N1,357.65 the previous day. The change represented a day-on-day appreciation of N0.04.
Over the broader movement reported for the official market, the Nigerian currency strengthened by N8.08 against the dollar. The latest advance added to a pattern in which the naira has registered more gains than losses, despite recording one decline during the period under review.
Parallel rate unchanged as reserves climb
Trading outside the official market produced no movement on Friday. The naira exchanged at N1,425 per dollar in the parallel market, matching Thursday’s level.
The currency’s performance came as Nigeria’s external reserves rose further to $52.26 billion on Thursday. The increase in reserves provides additional foreign-exchange liquidity and remains an important indicator for the country’s capacity to support the naira and meet external payment obligations.
