The Nigerian naira has recorded its strongest performance in over six months, appreciating to N1,495 per dollar at the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).
Figures released on Monday showed that the naira rose by N8.5 against the dollar, improving from N1,503.5/$ recorded last Friday to close at N1,495/$. This marks the currency’s highest level since February 2025, signaling renewed momentum in the foreign exchange market.
The parallel market also witnessed a positive trend, as the naira appreciated to N1,525/$ from N1,538/$ over the weekend. This improvement narrowed the gap between the official and parallel market rates to N30 per dollar, down from N34.5 recorded last week.
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Analysts note that the latest movement reflects increased dollar supply and a stronger policy push from the CBN aimed at stabilizing the local currency. The appreciation comes at a time when businesses and consumers are closely monitoring exchange rate fluctuations, which have a direct impact on import costs, inflation, and overall economic confidence.
The naira’s rebound is expected to ease pressure on traders and manufacturers who rely heavily on foreign exchange for imports, while also offering some relief to households struggling with high living costs driven by exchange rate volatility.
With the new figure representing the best performance in 27 weeks, market watchers say investors will be keen to see whether the naira can sustain its upward momentum in the coming days amid global and local economic pressures.
