The naira has strengthened to a record level of about ₦1,400 against the US dollar at the official market during midweek trading. Data from the Central Bank of Nigeria showed the currency appreciated to around ₦1,401 at the Nigerian Foreign Exchange Market, continuing gains recorded since the start of the week.
According to the CBN, the naira appreciated by about 1.3 percent compared with the previous session, marking its strongest level since the introduction of the Electronic Foreign Exchange Matching System. The local currency has recorded steady gains in recent sessions, reflecting improved conditions in the official foreign exchange market.
At the parallel market in Lagos, the naira was trading between ₦1,475 and ₦1,490 to the dollar, with analysts noting a narrowing gap between official and informal rates. The improvement has been linked to regulatory reforms by the CBN and better foreign exchange liquidity.
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The Nigerian Economic Summit Group has projected that the naira will trade around ₦1,480 to the dollar in 2026. The group also expects Nigeria’s external reserves to rise to about 52 billion dollars, supported by ongoing macroeconomic reforms and stabilisation efforts.
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