The naira ended the week on a hopeful rhythm, notching its fifth straight gain against the US dollar in the official foreign exchange market. The recovery, still modest, is beginning to stir quiet confidence after months of uncertainty.
Fresh data from the Central Bank of Nigeria showed that the naira closed on Friday at ₦1,457.96 per dollar, slightly firmer than Thursday’s ₦1,460.49.
The ₦2.53 gain may appear small, but it marks another steady climb in a week of cautious momentum.
Each day brought a flicker of progress. The biggest rise came on Monday, October 20, when the currency posted its strongest rebound.
It was a calm yet important run for a market used to turbulence. Some traders called it a “welcome change after long months of panic and pressure.”
Parallel Market Holds Its Ground
Across the parallel market, things remained eerily still. The rate stayed around ₦1,500 to the dollar all week.
Dealers at popular trading hubs like Lagos’s Allen Avenue and Abuja’s Wuse Market were unmoved by official market fluctuations.
“People are waiting to see if the gains will last,” one trader said. “Nobody wants to rush until we know what’s really happening.”
The gap between official and street rates remains narrow but delicate — a fragile balance that could easily tip either way depending on supply and confidence.
Nigeria’s external reserves also continued to climb, reaching $42.87 billion as of October 22, according to the CBN.
The steady rise, backed by improved oil receipts and inflows from investors, may be fuelling the naira’s newfound resilience.
Economists say a stronger reserve base gives the apex bank more room to stabilise the market and meet forex demand. Still, many warn that without stronger export performance and reduced import dependence, the gains could be temporary.
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