The naira strengthened against the US dollar on Friday, capping the week with gains across both official and parallel markets. Data from the Central Bank of Nigeria showed the currency firmed to N1,362.09 per dollar, compared with N1,367.76 the day before.
That represents a day-on-day appreciation of N5.67, according to the CBN figures. On the black market, the naira gained N10 to close at N1,410 per dollar, up from N1,420 on Thursday.
A Bureau de Change operator in Wuse Zone 4, Abuja confirmed the parallel market movement. The operator told reporters the improved rate reflected broader strength in the currency.
Looking at the broader week, the naira appreciated by N18.19 at the official window and N15 on the parallel market. Both gains underscored consistent momentum for the Nigerian currency over the seven-day period.
The improvement comes as Nigeria's foreign reserves climbed to $52.02 billion as of July 23. That reserve position has provided support for the naira in recent trading sessions, analysts said.
The currency's strength reflects improved dollar inflows into the country and confidence in Nigeria's external position. Observers noted the consecutive daily gains suggest the appreciation trend may continue if current conditions hold.
