Nigerian Naira gains against the US dollar, closing at N1,417.94 amid Central Bank reforms and rising investor confidence

The Nigerian Naira closed the week strongly, trading at N1,417.94 to the US dollar on Friday, marking a consistent appreciation and reflecting growing confidence in the Central Bank of Nigeria’s (CBN) reforms.

Also read: Naira Hits Strongest Level of 2025 at ₦1,421.73 Per Dollar

Data from the CBN shows the local currency rose by N1.33 on Friday alone, representing a 0.09% gain from Thursday’s close of N1,419.28.

The Naira’s gains were sustained throughout the week, beginning Monday with a N1.70 improvement to N1,421.45. Tuesday added N1.79, closing at N1,419.65, before a minor Wednesday dip of 37 kobo to N1,420.03.

Thursday’s 75 kobo rebound set the stage for Friday’s decisive close.

Market analysts attributed the rally to improved external reserves, sustained dollar inflows, and disciplined monetary policies, noting that the CBN’s aggressive interventions have strengthened investor confidence and stabilised the forex market.

Despite continued premiums in the parallel (black) market, with dollars reportedly trading between N1,465 and N1,495, the narrowing gap between official and informal rates indicates growing trust in the formal system.

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Broader data from Trading Economics corroborates the upward trajectory, showing the Naira steadily strengthening against the US dollar, with the official USD/NGN rate trending toward N1,422 in line with recent gains.