The naira strengthened against the US dollar to close the week at N1,358.25/$1, as Nigeria's external reserves climbed to $52.25 billion, their highest level in 17 years.
Central Bank of Nigeria data showed the naira gained N5.75 over the week, appreciating 0.42% from the previous Friday's N1,364/$. The currency dipped mid-week to N1,365/$ on Tuesday before recovering over the final three trading sessions, closing at N1,360.15/$ Wednesday, N1,356.50/$ Thursday, and N1,358.25/$ Friday.
The rising reserves, up more than 28% from $40.72 billion a year earlier, strengthen the CBN's capacity to support the currency and meet the country's external obligations. In the parallel market, the naira held steady at N1,420/$, keeping the gap between official and black-market rates at a relatively narrow margin.