Naira Strengthens for Second Week as Nigeria’s FX Reserves Hit $53.3 Billion

Naira Strengthens for Second Week as Nigeria’s FX Reserves Hit $53.3 Billion

Backed by robust foreign exchange supply, the Naira maintained its upward trajectory on Friday, appreciating to N1,337.28 against the US dollar in the official foreign exchange market.

This sustained strength reflected improved forex market liquidity and rising confidence among international investors in Nigeria’s economy.

Foreign portfolio investors continue introducing hard currency into financial markets to capitalize on attractive returns from Naira-denominated assets.

According to data from the Central Bank of Nigeria (CBN), the local currency gained N1.29 against the greenback.

This latest appreciation marked a 0.09% improvement from Thursday’s rate of N1,338.58 per dollar, marking consistent gains throughout the week and extending a two-week upward trend.

Market trading commenced on Wednesday at N1,343.59 per dollar for eligible transactions at the Nigerian Foreign Exchange Market (NFEM).

The Naira strengthened by N5.01 on Thursday, closing at N1,338.58 per dollar. Monday opened at N1,346.97 per dollar before continuing its positive momentum during the week.

Overall, the currency appreciated by N9.69 against the dollar at official rates between Monday and Friday, representing a 0.72% increase from Monday’s opening rate of N1,346.97 per dollar.

These sustained gains demonstrate continued strengthening of the domestic currency at the official Foreign Exchange Market throughout the week.

Latest market figures reveal Nigeria’s gross external reserves rose to $53.310 billion, up from $53.297 billion, following fresh inflows from an undisclosed external source.

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