The naira recorded a strong rebound on Friday, appreciating to N1,421 per dollar at the official segment of the foreign exchange market.
This represents a gain of N15.23 or 1.04 percent compared to the N1,436 rate recorded on October 30, according to data from the Nigerian Foreign Exchange Market (NFEM).
The improvement marks the currency’s strongest performance so far this year and underscores a weeklong upward trajectory, with the naira showing consistent gains against the U.S. dollar.
The NFEM data revealed that the local currency opened the week at N1,452 per dollar on Monday, before strengthening to N1,448 on Tuesday and N1,444 on Wednesday.
Similarly, at the parallel market, the naira appreciated steadily throughout the week, selling at N1,490 per dollar on October 27 and 28, N1,480 on October 29, N1,460 on October 30, and closing the week at N1,450 on October 31.
President Bola Tinubu, in his Independence Day address on October 1, had highlighted improvements in the foreign exchange market, noting that the local currency was regaining stability after a period of sharp volatility between 2023 and 2024.
He attributed the progress to ongoing foreign exchange reforms and increased capital and remittance inflows, which have helped narrow the gap between the official and parallel market rates.