• Nigerian naira closes at N1,500.91 per USD, marking its best performance since March 5, 2025
• Central Bank of Nigeria’s monetary reforms restore market confidence and improve dollar liquidity
• Stabilising naira boosts corporate planning, cost management, and supports import-dependent firms
The Nigerian naira strengthened in mid-week trading, closing at N1,500.91 per U.S. dollar in the official market, its strongest performance since early March 2025.
During the session, the naira fluctuated between N1,498/$ and N1,507/$, settling just below the symbolic N1,500/$ mark.
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In the parallel market, the currency traded slightly weaker, exchanging between N1,510/$ and N1,512/$, signalling a narrowing gap between official and unofficial rates.
Analysts attribute the rebound to the Central Bank of Nigeria’s (CBN) ongoing reforms, including measures to curb speculative trading, increase dollar liquidity, and attract foreign portfolio investments.
“The naira’s resilience reflects market confidence in Nigeria’s macroeconomic reforms.
“Sustained momentum could reduce imported inflation and allow manufacturers to plan better amid lower forex uncertainty,”said Dr. Ayo Teriba, economist at Economic Associates.
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The strengthening naira has begun influencing the stock market, easing costs for companies reliant on imports. Broader U.S. dollar weakness has also played a role, with the U.S.
Dollar Index (DXY) remaining flat at 97.85 during London trading, ahead of the U.S. Consumer Price Index (CPI) report and expectations of an upcoming Federal Reserve rate cut.
