The naira appreciated by 0.08 per cent against the US dollar on Friday, extending a largely stable week at the official foreign exchange market

The naira closed the trading week on Friday at N1,346.49 to the US dollar, recording a modest gain of N1.13 against the previous day’s rate as the local currency maintained its largely stable performance at the official foreign exchange market.

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Data published on the official website of the Central Bank of Nigeria showed that the naira strengthened by 0.08 per cent from N1,347.62 per dollar recorded on Thursday.

The latest movement extended a week of relative stability for the currency, which recorded only one session of depreciation despite fluctuations in the foreign exchange market.

The naira opened the week on Monday at N1,349.53 per dollar and appreciated further on Tuesday before recording a marginal 0.5 per cent decline on Wednesday.

The currency regained ground on Thursday, appreciating by N2.79 to close at N1,347.62 per dollar.

Friday’s additional N1.13 gain brought the week to a stronger close, suggesting continued resilience around the official market rate.

The performance comes amid ongoing efforts by the Central Bank of Nigeria to improve transparency and stability in the foreign exchange market.

The apex bank has introduced several reforms aimed at strengthening price discovery, improving liquidity and narrowing distortions between different segments of the foreign exchange market.

The relatively steady movement of the naira also comes against the backdrop of recent indications from the CBN that conditions in the foreign exchange market have improved.

The bank recently said Nigeria’s foreign reserves had risen above $52.5 billion in July 2026, describing the level as a 17-year high and above its annual target.

It also said the gap between the official exchange rate and Bureau de Change rate had narrowed.

For businesses and consumers, sustained stability in the naira remains important because movements in the exchange rate can influence the cost of imported goods, raw materials, production inputs and other foreign currency-linked transactions.

While Friday’s gain was relatively small, the broader weekly performance offers a positive signal for the currency following years of significant exchange-rate volatility.

Also read: Naira slips to N1,364.89 as FX trading falls 86%

The durability of the improvement, however, will depend on continued foreign exchange liquidity, investor confidence, external inflows and the effectiveness of monetary and market reforms.