Naira gains against dollar officially, weakens at black market
The Naira appreciated significantly against the dollar on a week-on-week basis at the close of trading on Friday. Central Bank of Nigeria, CBN, data showed that the Naira exchanged at N1,346.26 per dollar on Friday, strengthening from N1,361.84 recorded on October 23, 2026. This means that the Nigerian currency appreciated by N15.58 against the dollar […] Naira gains against dollar officially,…
On Friday, the Nigerian Naira experienced a notable appreciating trend against the US dollar in official foreign exchange channels, while simultaneously weakening in the black market. According to the Central Bank of Nigeria, the official exchange rate saw the Naira surge to N1,346.26 per dollar, a sharp contrast to its previous rate of N1,361.84 on October 23, 2026.
This signifies a strengthening of the Nigerian currency by N15.58 against the dollar on a week-on-week basis. However, the parallel market saw a contrasting scenario, with the Naira depreciating by N15 against the dollar on a similar timeframe, closing at N1,390 per dollar on Friday. Despite this, the foreign exchange markets remain volatile, with a significant $20 million decline in the country's foreign reserves over a two-day period, contrasting the weekly gain of $60 million.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
