The naira ended the week with a mixed performance, depreciating slightly in the official market while gaining ground on the parallel (black) market.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate closed at N1,532/$1 on Friday, weakening marginally from N1,531/$1 on Thursday. The week began at N1,529.5/$1 on Monday, dipped to N1,530/$1 on Tuesday, and briefly appreciated to N1,520/$1 on Wednesday before settling at Friday’s rate.
On a week-on-week basis, the naira depreciated slightly in the official window, from N1,528.5/$1 last week to N1,532/$1 this week.
Conversely, the naira showed resilience in the parallel market, appreciating to N1,550/$1 on Friday, up from N1,555/$1 on Thursday. It had remained stable at N1,560/$1 from Monday to Wednesday, based on market checks conducted in Lagos.
This represents a week-on-week appreciation in the parallel market, where the naira strengthened from last week’s closing rate of N1,580/$1 to N1,550/$1.
Nigeria’s foreign reserves also saw a modest boost, climbing to $37.3 billion on Wednesday, up from $37.28 billion on Tuesday and $37.127 billion on Monday, according to the CBN.
Analysts attribute both the currency’s parallel market strength and the uptick in reserves to broader global dollar trends and increased central bank interventions.
