The Naira extended its appreciation streak on Friday, closing at N1,342.5/$, an improvement from N1,355.25/$ recorded at the end of the previous week.

The gains were supported by improving global sentiment and a weaker U.S. dollar, according to data published on the Central Bank of Nigeria’s (CBN) website.

The performance reflects a steady recovery in the foreign exchange market, driven by both external factors and domestic policy interventions.

The currency maintained a consistent upward trend throughout the trading week, signalling renewed short-term confidence among market participants.

What the data is saying

The naira recorded steady gains across all trading sessions during the week, reinforcing its recent recovery trend.

• It opened the week at N1,358/$ on Monday and strengthened to N1,348/$ on Tuesday.
• The currency appreciated further to N1,341.99/$ on Wednesday and N1,341.01/$ on Thursday.
• It closed the week at N1,342.5/$ on Friday, marking a clear improvement from the previous week’s close of N1,355.25/$.

This reflects a notable rebound from the prior week, when the naira traded as weak as N1,389/$ before gradually recovering.

More insights

Despite the appreciation, Nigeria’s external reserves continued to decline, highlighting underlying pressures in the FX market.

• External reserves dropped to $48.65 billion as of April 16, 2026.
• This represents a decline from $48.72 billion at the start of the week and $48.81 billion at the close of the previous week.
• The decline suggests continued interventions by monetary authorities to stabilise the currency and meet FX demand.

Analysts note that sustained reserve drawdowns could pose risks to long-term stability if not supported by stronger inflows from oil exports and foreign investments.

More insights

Global developments also played a significant role in supporting the naira’s rally, particularly the weakness in the U.S. dollar.