Naira Gains N10, Closes at N1,348/$ Amid Stability

On Friday, the Naira closed at N1,348 per dollar, marking a week-on-week gain of N10. Data from the Central Bank of Nigeria indicates that the local currency maintained a largely positive trajectory throughout the week, opening at N1,344 per dollar on Monday, strengthening to N1,337 on Tuesday, slipping slightly to N1,340 on Wednesday, and firming to N1,346 on Thursday before settling at N1,348 on Friday.

This movement reflects a gradual and consistent recovery in the official foreign exchange market. Last week, the Naira stood at N1,358 per dollar in the official market.

The latest position represents a N10 week-on-week appreciation, signaling renewed stability and improved market sentiment. The Naira's performance indicates a moderate and sustained demand-supply balance in the official market, with a narrowing spread in the official parallel segment suggesting improved liquidity conditions.

The Central Bank of Nigeria's external reserves have climbed, confirming the strongest reserve position since May 14, 2013, when reserves were approximately $48.51 billion. The apex bank projects a rise in external reserves, targeting $51 billion as part of its broader macroeconomic stabilization framework.