Market News

In a dazzling display of resilience, the Nigerian Naira has powered through the week with consistent gains against the mighty US dollar, capping off Friday’s trading session at an impressive N1,417.94 to the greenback, a clear victory for the local currency and a testament to the Central Bank of Nigeria’s (CBN) bold reforms!

According to fresh data straight from the CBN’s official portal, the Naira stormed ahead by N1.33 on Friday alone, delivering a solid 0.09% appreciation from Thursday’s close of N1,419.28.

This wasn’t a one-day wonder, the entire week pulsed with upward momentum, proving the Naira is no longer just holding ground but actively reclaiming strength!

The rally kicked off explosively on Monday, opening with a robust N1.70 gain before settling at N1,421.45.

Tuesday built on the fire, pushing further to N1,419.65 for another N1.79 improvement. Even a minor Wednesday hiccup, a slight 37 kobo dip to N1,420.03, couldn’t derail the momentum. The Naira roared back on Thursday with a 75 kobo surge, setting the stage for Friday’s decisive close.

This week-long winning streak comes amid widespread praise for the CBN’s aggressive reforms, which have injected stability into the forex market and boosted investor confidence.

Market watchers note that sustained dollar inflows, improved external reserves, and disciplined monetary policies have finally turned the tide after years of volatility.

While the parallel (black) market still trades at a premium with dollars reportedly changing hands around N1,465–N1,495, the narrowing gap between official and informal rates signals growing trust in the formal system.

Broader data from sources like Trading Economics shows the Naira strengthening over recent sessions, with the USD/NGN rate dipping toward 1,422 in line with the positive trajectory.