The Nigerian Naira wrapped up the week with a slight appreciation against the U.S. dollar at the official foreign exchange market on Friday, showing signs of stability after recent fluctuations.
According to data released by the Central Bank of Nigeria (CBN), the Naira closed at ₦1,501.50 per dollar, strengthening from ₦1,502.13 traded on Thursday. This translates to a daily gain of ₦0.60.
Black Market Tells a Different Story
While the official market showed improvements, the parallel (black) market painted a different picture. On Friday, the Naira slipped further, trading at ₦1,537 per dollar, compared to ₦1,530 recorded the previous day.
Weekly Performance: Small Wins Add Up
Looking at the broader picture, the Naira still managed to end the week stronger. On a week-to-week comparison, it gained ₦13.40 against the dollar, moving from ₦1,514.90 last Friday to ₦1,501.50 this Friday.
This performance suggests that, despite mid-week depreciation, the Naira is gradually regaining strength at the official market.
External Reserves See a Boost
Adding to the positive outlook, Nigeria’s external reserves climbed to $41.66 billion as of September 11, 2025. Analysts believe this increase could provide the Central Bank with more firepower to stabilize the currency in the coming weeks.
