Naira recovery strengthens, closing at ₦1,363.5 per dollar after early-week losses at Nigeria’s official forex market

The naira firmed up to close at ₦1,363.5 per dollar at Nigeria’s official foreign exchange market on Friday, signalling a significant recovery after a sharp early-week slide.

Also read: Naira Strengthens to N1,366 Against Dollar at Official Market

Data tracked on the Central Bank of Nigeria’s website showed the currency plunged to ₦1,425 per dollar on Monday, its weakest level since January 12, 2026, before beginning a steady rebound.

By Tuesday, the naira had strengthened to ₦1,390.5 per dollar, rising further to ₦1,373.5 on Wednesday. Thursday saw continued gains, with the currency trading at ₦1,370 per dollar, before Friday’s close cemented a four-day recovery of more than ₦60.

Central Bank of Nigeria Governor Olayemi Cardoso said the recovery reflects ongoing monetary and foreign exchange reforms designed to bolster market confidence and improve liquidity.

“The country’s improving external reserve position provides a cushion against prolonged pressure on the naira,” Cardoso noted, highlighting the nation’s net foreign exchange reserves, which rose to $34.80 billion at the end of 2025.

Also read: Naira Weakens as Dollar Hits ₦1420 at Black Market

Analysts have welcomed the rebound, describing it as a positive signal for investors and businesses navigating currency volatility in Nigeria.