The naira ended last week on a strong note, trading at N1,514.86 per dollar on the official window, its highest level in nearly five months, according to data from the Central Bank of Nigeria (CBN).

The local currency had opened September at N1,526.09/$ before firming up to N1,514.86/$ on Thursday at the Nigerian Foreign Exchange Market. The last time it traded below the N1,515/$ mark was on March 6, when it closed at N1,512.30/$.

In the parallel market, the naira also gained ground, appreciating to N1,538/$, a marginal 0.02 per cent improvement. Market analysts attributed the rally to a combination of the CBN’s $15m intervention and fresh portfolio inflows, which helped push trades within the N1,519–N1,523/$ range.

Analysts predict relative stability in both the official and parallel markets this week, buoyed by sustained dollar inflows and a modest rise in external reserves. However, they caution that speculative activity and volatility in global oil prices could cap further gains.

The outcome of the OPEC+ meeting is expected to be a key determinant, as any changes in production quotas could influence oil prices, Nigeria’s foreign earnings, and by extension, foreign exchange market dynamics.