Naira strengthens to N1,480/$1, best performance in nine months

The Naira ended the week on a stronger note, closing at N1,480/$1 at the official market on Friday.

According to figures published on the Central Bank of Nigeria (CBN) website on Friday, this represents an appreciation from Thursday’s rate of N1,485/$1.

Checks by Nairametrics on the CBN website showed that this marks the currency’s best performance since January 31, 2025, when it closed at N1,475/$1.

Data on the CBN website shows that the Naira opened the week at N1,491.49/$1 on Monday before slipping slightly to N1,493.2/$1 on Tuesday, a movement that coincided with the conclusion of the 302nd Monetary Policy Committee (MPC) meeting.

The currency then strengthened midweek, appreciating to N1,486.8/$1 on Wednesday, and continued its upward momentum to close at N1,485/$1 on Thursday.

In the parallel market, the Naira also showed resilience. Market sources indicate that the currency closed at N1,506.5/$1 on Friday, up from N1,511/$1 on Thursday, and significantly stronger compared to last week’s closing of N1,520/$1.

Week-on-Week performance 

Data from the CBN shows that at the official market last week, the Naira opened at N1,495/$1 on Monday, appreciated slightly to N1,485.05/$1 on Tuesday, but slipped to N1,498/$1 on Wednesday before recovering to N1,490/$1 on Thursday and closing at N1,488/$1 on Friday.

In contrast, this week’s trajectory remained more consistent, ending stronger at N1,480/$1, confirming a clear upward trend. (Nairametrics)