The naira appreciated slightly against the United States dollar at the official foreign exchange market on Friday, October 30, 2026, extending its gains for the week despite a decline in Nigeria’s foreign reserves.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to ₦1,346.26 per dollar, compared with ₦1,346.91 recorded on Thursday.
The latest figures represent a gain of ₦0.65 against the dollar in one trading session, marking another positive movement for the naira at the official market.
At the parallel market, however, the exchange rate remained unchanged at ₦1,390 per dollar on Friday, matching Thursday’s rate.
The naira’s performance over the past five trading sessions suggests a recovery from losses recorded the previous week.
Foreign Reserves Decline
Despite the naira’s appreciation, Nigeria’s foreign exchange reserves declined for the second consecutive day.
CBN data showed that the country’s foreign reserves stood at $55.24 billion as of October 29, 2026.
The decline comes amid continued attention to the relationship between foreign reserve levels, dollar supply and exchange-rate stability.
The naira’s recent gains at the official market and the stability of the parallel-market rate provide contrasting signals as investors and businesses monitor developments in Nigeria’s foreign exchange market.
