The naira strengthened to N1,337/$ at the Nigerian Foreign Exchange Market on Friday, extending its recent gains as weekly foreign exchange turnover fell sharply to $2.71 billion.
This is according to the data from the Central Bank of Nigeria’s (CBN) website on Friday.
The currency closed at N1,337/$ on August 28, compared with N1,349.99/$ at the previous trading session on August 24, representing a 0.96% appreciation over the week.
Meanwhile, NFEM turnover dropped 48.7% week-on-week to $2.71 billion from approximately $5.28 billion recorded between August 17 and 21, based on data from the CBN.
The naira opened the week at N1,349.99/$ on August 24 before strengthening to N1,343/$ on August 26 and N1,336/$ on August 27.
The combined figure amounted to approximately $2.71 billion, compared with $5.28 billion in the previous trading week.
The naira appreciated to N1,403/$ in the parallel market on Friday from N1,407/$ on Thursday.
The naira’s latest appreciation comes amid an improvement in Nigeria’s external reserves.
During the week, Nairametrics reported that Nigeria’s foreign exchange reserves crossed the $53 billion mark for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026.
For the week, Brent crude fell more than 5%, while WTI declined by more than 4%.
Earlier, CBN Governor Olayemi Cardoso dismissed claims that the apex bank is aggressively intervening in the foreign exchange market to defend the naira, saying its interventions now account for only about 1.2% to 1.3% of total FX turnover.
The CBN governor also linked the improved FX market structure to recent reforms, including the FX Code, electronic trading platform and the revised foreign exchange manual.
The apex bank governor also said Nigeria has built sufficient economic buffers to withstand inflationary pressures arising from the ongoing conflict in the Middle East.
