The naira has extended its recent recovery against the United States dollar, gaining N1.70 at the official foreign exchange market on Friday as Nigeria’s foreign reserves continued to strengthen.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency appreciated to N1,326.52 per dollar from N1,328.22 recorded on Thursday.
The latest movement represents a N1.70 gain for the naira in just 24 hours, reinforcing the currency’s recent run of stronger performances at the official foreign exchange market.
The development also marks another positive close for the naira as it ended the trading week on a firmer footing against the dollar.
However, the currency maintained its position at the parallel market, where the dollar continued to trade at N1,390 on Friday, the same rate recorded a day earlier.
The contrasting rates between the official and parallel markets notwithstanding, the naira has recorded more gains than losses at the official market in recent days, while its parallel-market value has remained relatively stable.
The latest appreciation comes against the backdrop of a sustained increase in Nigeria’s foreign exchange reserves, which analysts say could provide additional support for the naira and strengthen the country’s capacity to meet its external obligations.
According to CBN data, Nigeria’s foreign exchange reserves rose to $54.41 billion as of September 10, 2026.
The strengthening reserve position, coupled with ongoing foreign exchange reforms, is expected to give the apex bank greater room to manage volatility, support investment flows and enhance confidence in the domestic currency.
With the naira recording another gain at the official market and reserves continuing to build, the latest figures point to increased stability in Nigeria’s foreign exchange market as the currency closes the week on a stronger note.
