The naira closed last week trading near a five-month high at ₦1,514.86 to the dollar on the official market, according to Central Bank of Nigeria (CBN) data.
The local currency, which opened September at ₦1,526.09/$, strengthened through the week to record its best level since March 6, when it closed at ₦1,512.30/$. At the parallel market, it also gained slightly to ₦1,538/$, marking a 0.02% appreciation.
Analysts attributed the rebound to CBN’s $15 million intervention and fresh portfolio inflows, which bolstered dollar supply and pushed the naira into the ₦1,519–₦1,523/$ range.
Market watchers expect relative stability in the coming week, supported by sustained inflows and gradual external reserves buildup. However, speculative demand and crude oil price volatility remain potential risks.
The outcome of the upcoming OPEC+ meeting is expected to play a significant role in shaping Nigeria’s foreign exchange dynamics, as any shift in production quotas could impact the country’s oil revenues and FX liquidity.
