The naira closed the week stronger as it rose to ₦1,355.25 per dollar on Friday.
Central Bank of Nigeria (CBN) data showed this marked its best recent performance in the official foreign exchange market.
Naira Posts Weekly Gain
Trading resumed after the Easter break on Tuesday, and the naira initially slipped to ₦1,389/$.
However, it quickly recovered as buyers and sellers adjusted positions.
By Wednesday, the currency strengthened to ₦1,369/$, and it climbed further to ₦1,365/$ on Thursday.
It then ended the week at ₦1,355.25/$ on Friday, beating the pre-Easter rate of ₦1,382.75/$ recorded on April 2, 2026.
Overall, the week showed a steady recovery as the naira gained momentum after a weak start.
Consequently, traders reacted to improving sentiment in the official market.
CBN Reforms Support Stability
On a year-on-year basis, the naira also strengthened sharply.
In April 2025, it traded at ₦1,606/$ after Easter.
This highlights a clear improvement in exchange rate stability over the year.
Meanwhile, the Central Bank of Nigeria continued reforms to support the currency.
In February 2026, Nigeria’s external reserves climbed to $50.45 billion, the highest level in over a decade.
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The CBN linked this rise to stronger inflows and policy changes that improved liquidity.
Global And Reserve Pressures Persist
However, global events also influenced currency movements.
In March, geopolitical tensions in the Middle East strengthened the US dollar.
As a result, investors shifted into the dollar as a safe-haven asset.
Later, a ceasefire eased tensions and reversed that trend.
Consequently, the dollar weakened across global markets, which supported emerging currencies, including the naira.
Despite these gains, Nigeria’s external reserves still fell to $48.85 billion on April 9, down from $49.18 billion earlier in the month.
This decline raises concerns about future stability if the trend continues.
Nevertheless, the CBN projects reserves will rise to $51.04 billion in 2026.
Finally, market reports noted the naira’s ₦1,365/$ gain on Thursday amid broad dollar weakness.
