On Friday, the naira extended its gains against the US dollar, sustaining a rise in the official foreign currency market.
According to the Central Bank of Nigeria’s official foreign exchange market data, the Naira strengthened more on Friday, rising to N1,366.23 per dollar from N1,371.51.
This indicates that on a daily basis, the local currency, the naira, increased by N5.28.
Meanwhile, on the black market, the Naira stayed unchanged at N1,440 per dollar on Friday, the same rate as on Thursday.
the Naira has been rallying on the official foreign currency market since Tuesday, March 10, gaining N35.17 per dollar.
However, many Bureau de Change operators report that the Naira has dropped by N20 in the last four days on the parallel market.
The news comes as the country’s external reserves stand at $50.03 billion as of March 11, 2026.