The naira strengthened to N1,421 per dollar at the official segment of the foreign exchange (FX) market on Friday.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency gained N15.23 or 1.04 percent from the N1,436/$ recorded on October 30.
The latest appreciation marks the naira’s strongest showing so far this year and extends a weeklong rally that has seen steady gains against the dollar.
According to NFEM data, the naira opened the week at N1,452/$ on Monday, appreciating further to N1,448/$ on Tuesday and N1,444/$ on Wednesday.
At the parallel market, the currency also appreciated steadily, selling at N1,490/$ on October 27 and 28, N1,480/$ on October 29, N1,460/$ on October 30, and N1,450/$ on October 31.
In his Independence Day address on October 1, President Bola Tinubu said the naira had regained stability after a turbulent period between 2023 and 2024.
“The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows,” Tinubu had said.