The naira strengthened against the dollar ending the week strong as Nigeria’s gross external reserves climbed to a record $50.04 billion, reinforcing investor confidence and boosting the Central Bank of Nigeria’s (CBN) capacity to support the local currency.
The latest reserve level slightly surpassed the previous peak of $50.03 billion recorded on March 11, 2026, according to data published on the CBN website, marking a fresh high in the country’s external buffers.
Data from the CBN showed that the naira closed at N1,362.21/$1 on Friday at the Nigerian Foreign Exchange Market (NFEM), representing an appreciation of N11.04, or 0.8 percent, compared to N1,373.25/$1 recorded on Friday of the previous week.
However, on a day-on-day basis, the local currency weakened slightly by 0.25 percent from N1,358.75/$1 traded on Thursday.
Over the five trading days, the naira gained 0.34 percent, strengthening from the week’s opening rate of N1,366.79/$1 to close at N1,362.21/$1
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