The naira ends Q2 Week 4 where it spent most of it — steady. CBN official at ₦1,350–₦1,355, parallel at ₦1,395–₦1,420, official–parallel gap holding near ₦45–₦65 depending on location and operator. After the dramatic week-on-week swings of the past fortnight — from ₦1,343 near-13-year-high on April 17 to ₦1,362 anxiety peak on April 22 and back — the naira has settled into a holding pattern that the market is comfortable with while the diplomatic situation resolves.

The drama today was entirely in the oil market, which staged one of its most volatile intraday sessions of the entire war. Brent crude surged above $106 per barrel in early Friday trading after Iran’s IRGC and the US Navy engaged in tit-for-tat ship seizures overnight — the escalatory action that traders feared would unravel the ceasefire entirely. Then, within hours, oil reversed sharply. A Pakistani government source told Reuters that Iran’s Foreign Minister Araghchi is expected to arrive in Islamabad tonight and that peace talks with the US will likely happen — the first face-to-face round since the talks collapsed. Brent fell from $106 back to $104.63; WTI pulled back to $94.75.

Think of it like a coiled spring: all week the tension has been building — ship seizures, walk-outs, deadlines, ultimatums — and today that spring both fired and was partially held back in the same session. The naira, sitting firmly in its ₦1,350–₦1,355 CBN band, is the barometer that says: the market believes the spring will unwind toward a deal, not a breakdown. If Araghchi’s talks tonight produce even a framework agreement, Monday’s CBN open will be the most positive since April 17’s Hormuz announcement.