Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened further at the official window on Friday, closing at N1,386.55 per dollar, compared to N1,396.99 on Thursday. This represents a day-on-day gain of N10.44.
The upward trend was also reflected in the parallel market, where the naira appreciated by N10 to close at N1,470 per dollar on Friday, from N1,480 recorded the previous day.
A broader analysis indicates that the naira posted even stronger gains on a week-on-week basis. At the official market, the currency appreciated by N35.08 against the dollar, while the parallel market recorded a N20 gain over the same period.
Market watchers attribute the sustained appreciation to improving foreign exchange liquidity, supported by continued inflows and growing investor confidence.
The naira’s positive performance coincided with a further increase in Nigeria’s external reserves. Latest figures show that the country’s foreign reserves rose to $46.18 billion on January 29, 2026, up from $46.01 billion recorded at the end of the previous week.
The steady build-up in reserves is seen as a key buffer for the economy, enhancing the Central Bank’s capacity to support the foreign exchange market and stabilise the local currency amid ongoing reforms in the FX sector.