The Nigerian naira extended its gains on Friday, closing at N1,342.5/$, up from N1,355.25/$ recorded the previous week, as global sentiment improved and the U.S. dollar weakened.
Data from the Central Bank of Nigeria shows the currency opened the week at N1,358/$ before strengthening steadily to N1,348/$ on Tuesday, N1,341.99/$ on Wednesday, and N1,341.01/$ on Thursday.
The rally comes despite a slight decline in Nigeria’s external reserves, which fell to $48.65 billion as of April 16 from $48.81 billion the week before.
A softer dollar also supported the naira, with the dollar index dropping to 97.73—its lowest level since late February—amid easing geopolitical tensions.
