Four-Day Rally: Naira gains ₦35 against dollar at official market

The Nigerian Naira continued to gain value against the United States dollar at the official foreign exchange market on Friday.

This improvement shows that the local currency has been gradually recovering after previous periods of decline.

According to official data released by the Central Bank of Nigeria, the Naira closed at ₦1,366.23 per dollar on Friday, compared to ₦1,371.51 per dollar on Thursday.

This indicates that the Nigerian currency appreciated by ₦5.28 in just one day at the official market.

The recent gain is part of a broader positive trend seen during the week.

Reports from Daily Post Nigeria show that the Naira has been strengthening steadily since Tuesday, March 10. Over the last four days, the currency has gained a total of about ₦35.17 against the dollar at the official exchange window.

However, the situation is slightly different in the parallel market, also known as the black market, where exchange rates are determined by private traders rather than official financial institutions.

At this market, the Naira remained unchanged at ₦1,440 per dollar on Friday, the same rate recorded on Thursday.

Despite the stability on Friday, several Bureau de Change operators reported that the Naira has actually lost around ₦20 in the parallel market during the past four days, showing that the currency’s performance varies between the official and unofficial markets.

Meanwhile, Nigeria’s external reserves remain relatively strong. As of March 11, 2026, the country’s foreign reserves were estimated at $50.03 billion.

These reserves play an important role in helping the government and the Central Bank manage the value of the Naira and maintain stability in the foreign exchange market.

Overall, the recent appreciation of the Naira at the official market may signal improving confidence in Nigeria’s financial system, although differences between the official and parallel markets still remain.