The naira strengthened on Thursday, closing at ₦1,365 per dollar, rising from ₦1,369 on Wednesday.
Data from the Central Bank of Nigeria showed trading between ₦1,351.5 and ₦1,365.
Naira Gains On Weaker Dollar
The market recorded an average exchange rate of ₦1,359.9, signalling relative stability.
The gain came as the U.S. dollar weakened across global markets during the week.
The dollar is heading for its largest weekly drop since January.
Global Sentiment Shifts
A ceasefire in the Gulf raised hopes of resumed oil shipments.
Investors reduced demand for the dollar, which they often use as a safe-haven asset.
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Markets also focused on talks between the United States and Iran in Islamabad.
These talks could shape global currency direction in the near term.
Reserves Dip, Outlook Steady
Nigeria’s external reserves fell to $48.89 billion from $49.18 billion in early April.
This decline continues a trend that began in mid-March despite currency gains.
Major currencies strengthened as investors moved away from safe-haven positions.
The euro rose to $1.1690.
The British pound climbed to $1.3424, while the yuan strengthened to 6.83 per dollar.
The dollar index fell by 1.3% this week.
Uncertainty remains as shipping through the Strait of Hormuz stays below normal levels.
Looking ahead, the Central Bank of Nigeria expects reserves to rise to $51.04 billion by 2026.
