Naira Hits Strongest Level Since January, Closes At N1,480/$1

The Naira recorded its strongest performance in months, appreciating to N1,480 per dollar at the official foreign exchange market on Friday.

Data from the Central Bank of Nigeria (CBN) revealed that the local currency firmed up against the U.S. dollar, strengthening from Thursday’s rate of N1,485/$1. This marks its best showing since January 31, 2025, when it closed at N1,475/$1.

The week began with the Naira trading at N1,491.49/$1 on Monday, followed by a slight dip to N1,493.2/$1 on Tuesday, coinciding with the conclusion of the 302nd Monetary Policy Committee (MPC) meeting.

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Midweek, the currency gained momentum, appreciating to N1,486.8/$1 on Wednesday and further to N1,485/$1 on Thursday, before ending the week stronger at N1,480/$1.

In the parallel market, the Naira also maintained resilience, closing at N1,506.5/$1 on Friday compared to N1,511/$1 on Thursday. This represents a notable recovery from last week’s close of N1,520/$1.

By comparison, last week saw more fluctuations, with the Naira opening at N1,495/$1 on Monday, slipping midweek to N1,498/$1, and ending at N1,488/$1 on Friday.

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Similarly, at the black market last week, the Naira depreciated midweek before rebounding to N1,520/$1 by Friday. This week’s close of N1,506.5/$1 confirms a steady upward trajectory across FX markets.

The positive movement signals renewed strength for the Naira and could boost market confidence if sustained in the coming weeks.