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The naira appreciated week-on-week in the official foreign exchange market on Friday, closing at N1,348 per dollar to cap a week of steady gains against the greenback.

Data from the Central Bank of Nigeria showed the local currency maintained a largely positive trajectory throughout the week.

The naira opened at N1,344 per dollar on Monday, strengthened to N1,337 per dollar on Tuesday, slipped slightly to N1,340 per dollar on Wednesday, and firmed to N1,346 per dollar on Thursday before settling at N1,348 per dollar on Friday.

The movement reflects a gradual but consistent recovery in the official window.

At the close of trading last week, the naira stood at N1,358 per dollar in the official market.

The latest position, therefore, represents a N10 week-on-week appreciation, signalling renewed stability and improved market sentiment.

The naira’s performance across the week indicates a moderate but sustained demand-supply balance in the official market. The narrowing spread between the official and parallel segments also suggests improved liquidity conditions.

Nigeria’s external reserves have climbed to $48.5 billion, marking their highest level since mid-May 2013.

Checks on the Central Bank of Nigeria’s database confirm this is the strongest reserve position since May 14, 2013, when reserves stood at approximately $48.51 billion.

The sustained increase in reserves has been a key factor underpinning the recent stability recorded in the foreign exchange market.

The Central Bank of Nigeria projects that external reserves could rise to $51 billion by the end of 2026. The target forms part of the apex bank’s broader macroeconomic stabilisation framework.

If achieved, the $51 billion reserve target could further consolidate recent gains in the foreign exchange market and provide sustained support for the naira.