Naira-and-Dollars (2) (1).webp
The naira closed the week stronger at ₦1,579/$1 on the official market, signalling renewed investor confidence and calm in forex channels, both official and parallel.
  • Naira appreciated to ₦1,579/$1 on Friday, up from ₦1,586/$1 on Thursday
  • Weekly gains followed steady improvements since Monday’s ₦1,597/$1
  • The parallel market held stable at ₦1,620/$1 for two days straight
  • Mixed performance against other currencies: stronger vs euro, weaker vs pound
  • Business leaders like Otedola and Elumelu praise FX reforms and the CBN's direction
After weeks of uncertainty, the naira is showing signs of resilience. Analysts credit the stability to the Central Bank’s targeted reforms, clearing FX backlogs, introducing high-yield bonds, and improving forex liquidity. Prominent voices in business are backing the current policy direction, which may further ease market jitters. While challenges remain, the tone is shifting: confidence is creeping back into Nigeria’s currency markets.

Confidence is returning, but can the CBN maintain momentum without further rate hikes? Watch for upcoming MPC decisions and external shocks.