The naira rebounded in the official foreign exchange (FX) market this week, recovering from last week’s losses as Nigeria’s external reserves continued their steady growth, reinforcing investor confidence and improving liquidity conditions.
Data published by the Central Bank of Nigeria (CBN) showed that the naira appreciated by N10.74 week-on-week, with the dollar quoted at N1,370.19 on Friday at the Nigerian Foreign Exchange Market (NFEM), compared with N1,380.93 on Friday last week, representing a 0.78 percent gain.
In the parallel market, also known as the black market, the naira closed at N1,400 per dollar on Friday, weakening by N3 from the opening rate of N1,397.
Nigeria’s external reserves, which provide the CBN with the firepower to defend the naira and meet external obligations, maintained their upward trajectory, rising to $51.45 billion as of June 30, 2026. This represents an increase of $14.24 billion, or 38.27 percent, from $37.21 billion recorded in the corresponding period of 2025, according to data published on the CBN’s website.
Although NFEM data for Friday’s turnover and transactions were unavailable, market activity remained strong during the first four trading days of the week. The number of deals rose to 1,377, representing a 10.96 percent increase from 1,241 transactions recorded in the previous week.
