The naira extended its gains on Thursday, closing at N1,455.42 to the dollar, its strongest level since January, according to Central Bank data. The currency has risen 1.7 percent in less than a week, building on a 3.3 percent gain in September.
Analysts link the recovery to improved foreign portfolio inflows, tighter CBN liquidity measures, and stronger reserves, which climbed to $42.2 billion by late September — the highest in five years. Capital inflows into equities and fixed income have more than doubled year-on-year, boosted by Moody’s credit rating upgrade in September.
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The CBN has injected over $200 million into the FX market while mopping up excess naira liquidity through high-yielding Open Market Operations. Market watchers say the measures, alongside sustained investor confidence, are helping stabilise the currency, ease inflationary pressure, and signal a more durable recovery.
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