Naira gains despite Buhari death, closing at ₦1,532.34/\$1 on Friday after turbulent trading week marked by national mourning and midweek currency losses

The Naira gains despite Buhari death dominated market headlines this week, closing Friday on a modest high against the U.S. dollar despite significant midweek volatility.

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According to figures from the Central Bank of Nigeria (CBN), the Naira appreciated by 77 kobo to close at ₦1,532.34/\$1 at the official window on July 18. This marks a 0.05% gain from Thursday’s close of ₦1,533.11/\$1.

The week began strongly for the local currency, gaining ₦11.37 on Monday, July 14. However, following the sudden death of former President Muhammadu Buhari, trading sentiment dipped.

President Bola Tinubu declared a seven-day national mourning and a public holiday on Tuesday, causing a ripple effect in the financial markets.

When trading resumed on Wednesday, the Naira lost ₦11.36, followed by a further ₦2.85 drop on Thursday. The slight rebound on Friday signals measured market recovery and cautious optimism among investors.

Former President Buhari passed away on Sunday at the age of 82 in a London hospital. He was buried on Tuesday in Daura, Katsina State.

A trader in the Lagos market who preferred to remain unnamed said, “There was a moment of uncertainty this week. The late President’s death created a temporary shock, but we’re seeing gradual correction now.”

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Despite the gains recorded, analysts warn that the Naira remains vulnerable to external pressures and domestic uncertainties.