The Nigerian naira continued its upward trend against the US dollar this week, closing on a strong note across both official and parallel foreign exchange markets. According to data from the Central Bank of Nigeria (CBN), the naira strengthened to ₦1,480.66 on Friday, up from ₦1,488.26 recorded on Thursday, marking a daily gain of ₦7.6.

In the black market, the local currency also showed resilience, rising to ₦1,495 on Friday from ₦1,497 the previous day. The most notable gain was observed on Wednesday, when the naira appreciated sharply in the parallel market, reflecting growing confidence among traders and investors.

On a week-to-week basis, the naira recorded cumulative gains of ₦7.24 and ₦27 at the official and parallel foreign exchange markets, respectively, indicating sustained improvement in currency stability. Analysts believe this appreciation could help ease import costs and bolster economic confidence.

As the naira continues to recover, businesses and consumers are likely to benefit from more favorable exchange rates, offering some relief amid ongoing economic pressures.