The Nigerian Naira experienced a gain against the United States Dollar at the official foreign exchange market on Friday, ending the week on a positive note. This uptrend coincided with the country’s external reserves reaching the $46 billion mark. According to data from the Central Bank of Nigeria, the Naira appreciated to N1,421.63 against the dollar on Friday, up from N1,422.07 traded on Thursday, resulting in a slight strengthening of N0.44 against the dollar on a day-to-day basis.
In the week under review, the Naira recorded three losses and two gains against the dollar at the official market, indicating a mixed performance. However, at the black market, the Naira remained relatively stable at N1,490 per dollar throughout the week, based on rates from multiple Bureau de Change operators in Abuja. The stability of the Naira in the black market suggests that the official rate’s fluctuations may not be entirely reflective of the currency’s overall performance.
The development comes as Nigeria’s foreign reserves rose to $46.01 billion as of January 22, 2026, up from $45.95 billion recorded on January 19, indicating an increase in the country’s external reserves. This growth in foreign reserves could potentially support the Naira’s value in the foreign exchange market. The Naira’s performance is closely watched due to its impact on Nigeria’s economy, particularly in terms of trade and investment.
Nigeria, being one of Africa’s largest economies, has been working to stabilize its currency and improve its foreign exchange market. The recent gain and the growth in foreign reserves may be seen as positive signs for the economy. As the country continues to navigate its economic challenges, the performance of the Naira will remain a key area of focus. The next steps for the Naira will depend on various factors, including economic policies, trade balance, and global market trends, which will be closely monitored by economic observers and stakeholders.
