The naira closed Friday at ₦1,348/$.
Meanwhile, the currency closed the previous week at ₦1,358/$.
The naira opened Monday at ₦1,344/$ and then strengthened to ₦1,337 on Tuesday.
Naira Posts Weekly Gain
However, the currency slipped to ₦1,340 on Wednesday before it firmed to ₦1,346 on Thursday.
Finally, the naira ended Friday at ₦1,348/$, confirming steady weekly improvement.
Overall, the naira gained ₦10 week-on-week, reflecting improving sentiment and easing pressure.
Parallel Market Strengthens
Similarly, the parallel market showed improvement as the naira strengthened to ₦1,361.5/$ Friday.
Earlier, traders exchanged the currency at ₦1,374 on Thursday and about ₦1,420 the previous Friday.
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Reserves Support Stability
Rising external reserves supported the currency’s performance throughout the week and strengthened confidence.
Nigeria’s external reserves climbed to $48.5 billion, marking the highest level since mid-May 2013.
In January, reserves crossed $46 billion for the first time in about eight years.
Soon after, they moved above $47 billion by February 11, extending the upward trend.
Higher reserves strengthen authorities’ capacity to support the naira and meet external obligations.
In addition, they provide a stronger buffer against global shocks and volatile capital flows.
The sustained reserve increase now supports the relative stability recorded in the foreign exchange market.
Looking ahead, authorities expect external reserves to reach $51 billion by the end of 2026.
Specifically, the projection forms part of a broader macroeconomic stabilisation framework targeting exchange-rate stability.
If authorities achieve the reserve target, it could reinforce recent gains and provide sustained support for the naira.
