Naira Closes Week Stronger as Official Rate Inches Up, Reserves Hit $52.26bn

The Nigerian naira wrapped up the trading week on a firm footing, edging higher against the US dollar in the official foreign exchange market. Fresh data from the Central Bank of Nigeria put the spot rate at N1,357.61 per dollar on Friday, a marginal gain from the N1,357.65 recorded a day earlier.

That daily improvement of just four kobo may look modest on paper, but it caps a week that saw the local currency climb a more substantial N8.08 at the official window. The steady, if slow, appreciation signals continued demand-side pressure easing in the formal market.

On the parallel market, however, the naira held its ground without movement, trading flat at N1,425 per dollar—unchanged from Thursday’s level. The stability there points to a market waiting for clearer direction, even as the official rate keeps grinding forward.

Behind the scenes, the country’s external reserves are lending support to the currency’s recent resilience. Data from the apex bank showed reserves rose to $52.26 billion on Thursday, adding a layer of cushion that analysts say helps absorb shocks and bolsters confidence in the naira’s near-term outlook.

Over the past week, the currency has seen mostly gains against the dollar at the official market, with only a single dip interrupting an otherwise upward trend. That pattern, combined with rising reserves, suggests policymakers are managing the exchange rate with a steady hand—even if the pace of appreciation remains deliberately measured.