The Naira continued its appreciation on Friday from N1,355.25/$ recorded at the end of the previous week, closing at N1,342.5/$, boosted by improving global sentiment and a weaker U.S. dollar.
According to data published on the Central Bank of Nigeria’s (CBN) website, the naira opened the week at N1,358/$ 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.
The development followed a drop in external reserves to $48.65 billion as of April 16, 2026. This represents a decline from $48.72 billion at the start of the week and $48.81 billion at the close of the previous week.
Naira’s growth reflects a notable rebound from the prior week, when the naira traded as weak as N1,389/$ before gradually recovering.
Global developments also played a significant role in supporting the naira’s rally, particularly the weakness in the U.S. dollar.
The dollar index fell by 0.49% to 97.73, hitting its lowest level since late February.
The index recorded a two-week decline of about 2.5%, its sharpest drop in a year.
The euro gained 2.7% during the week, while the Japanese yen also strengthened against the dollar.
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The dollar weakened following easing geopolitical tensions in the Middle East, after assurances that the Strait of Hormuz would remain open for global shipping. This reduced demand for safe-haven assets and boosted emerging market currencies.
