The currency, however, recorded some gains against other currencies, as the pound dropped slightly to N2,075/£1 from N2,085/£1, while sellers quoted it at N2,100/£1 compared with N2,110/£1 a day earlier.

Against the euro, the naira inched up to N1,770/€1 from N1,775/€1. On the selling side, the euro eased to N1,790/€1 from N1,795/€1.

The trend was similar in the official window, where the currency closed at N1,536/$1, improving from Wednesday’s N1,537/$1. Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading between N1,535.25 and N1,538 to the dollar during the session.

Market watchers say the stability reflects continued Central Bank interventions and improved dollar supply. While the gains are small, analysts note that they point to growing confidence in ongoing reforms.

The local currency also recovered slightly against other major currencies. Against the British pound, it strengthened to N2,075/£1 from N2,080/£1, while the sell price remained unchanged at N2,100/£1. 

Similarly, it appreciated against the euro, trading at N1,770/€1 from N1,775/€1, with the sell price easing to N1,790/€1 from N1,800/€1.

However, the naira weakened marginally at the official window, where it closed at N1,535/$1 compared to N1,534/$1 on Monday. Data from the Nigerian Foreign Exchange Market (NFEM) showed the currency fluctuated between N1,534/$1and N1,535.50/$1 during Tuesday’s session.

The naira’s mixed performance reveals ongoing supply and demand pressures in the forex market. Analysts note that consistent interventions by the Central Bank of Nigeria (CBN) remain critical in stabilising the currency.

This marks a stronger close compared to the week’s opening rate, with the currency gaining 0.32% from N1,545/$1 on Monday to N1,540/$1 on Friday.

Against the British pound, the naira rose slightly to N2,090/£1 from N2,095/£1, while the sell rate stood at N2,110/£1. It, however, weakened marginally against the euro, falling to N1,770/€1 from N1,775/€1, with the sell rate easing to N1,790/€1 from N1,800/€1.

In the official market, the naira mirrored this positive trend against the U.S. dollar, closing at N1,534/$1 on Friday. Throughout the week, the official rate remained relatively stable, fluctuating between N1,533/$1 and N1,536/$1.

Data from the Nigerian Foreign Exchange Market (NFEM) showed intraday movements on Friday ranging from N1,529.75/$1 to N1,535/$1.

The naira’s relative stability signals sustained market confidence. However, analysts note that maintaining this momentum will require consistent policy support and continued investor trust.