The naira appreciated to ₦1,455.5 per dollar at the official market, its strongest level in months, as Nigeria’s foreign reserves rose to $42.8 billion, the highest since 2019.

The currency strengthened from ₦1,464.5 earlier in the week, while the parallel market averaged around ₦1,490/$, narrowing the gap between both markets.

Analysts attribute the improvement to stronger foreign inflows, higher oil earnings, and effective Central Bank interventions that enhanced forex liquidity.

“Higher reserves strengthen Nigeria’s ability to stabilize the naira and attract investors,” one economist said.

However, experts caution that the rally may face pressure if foreign inflows slow or oil prices decline, emphasizing the need for consistent economic reforms and disciplined fiscal policies.