The naira appreciated to ₦1,531 per U.S. dollar at the official foreign exchange window on Friday, following intervention by the Central Bank of Nigeria (CBN).
The local currency had faced heavy pressure earlier in the week, with the spot rate nearing ₦1,539 at the interbank market. This prompted the apex bank to step in, selling $50 million to authorised dealer banks to ease demand and stabilize the market.
The intervention helped narrow volatility, with the naira touching an intraday high of ₦1,534.50 on Friday. In contrast, the parallel market closed at about ₦1,540, leaving a gap of roughly ₦9 per dollar amid continued speculative activity.
Meanwhile, Nigeria’s gross external reserves rose to $41.27 billion on Friday, supported by an inflow of $23.42 million. Oil prices also provided a boost, with Brent crude set for a second consecutive weekly gain of about 1%, trading just above $68 per barrel.
