What is said when naming a newborn?

The Sunnah is to name the newborn and perform the Aqeeqah for him on the seventh day, based on the Prophet's (peace and blessings be upon him) saying: "Every newborn is mortgaged by his Aqeeqah, which should be slaughtered for him on his seventh day, and his head should be shaved, and he should be named." It is permissible to name the child on the day of birth or thereafter, as the Prophet (peace and blessings be upon him) did with his son Ibrahim. There is no specific supplication to be recited when naming, but supplicating for the newborn is recommended, as was done by the wife of Imran and Muhammad (peace and blessings be upon him).