The Nigerian Naira has appreciated significantly against the United States dollar, reaching a notable milestone at the official foreign exchange market. As of Monday, the Naira traded at N1,497.5 per dollar, marking the first time it has fallen below the N1,500 threshold since February 2025.

According to data from the Central Bank of Nigeria, this represents a gain of N4.03 against the dollar compared to the N1,501.5 exchanged on the previous Friday. This uptick in the Naira’s value is a positive development for Nigeria’s economy, particularly in the context of its external reserves. As of September 12, 2025, the country’s external reserves have surged to $41.70 billion.

In contrast, the Naira remained stable at the black market, trading at N1,537 per dollar on Monday, unchanged from the previous weekend. The stability in the parallel market suggests that the official market’s gains may not yet be fully reflected in other exchange channels.

The last time the Naira strengthened to below N1,500 at the official market was in February 2025. This recent appreciation could be seen as a reflection of the country’s improving economic fundamentals, particularly the growth in external reserves. The significance of this development lies in its potential to influence investor confidence and trade activities in Nigeria.

As the Naira continues to fluctuate, market watchers will be keen to see if this trend holds and how it affects the broader economy. The Central Bank of Nigeria will likely remain a key player in shaping the currency’s trajectory through its monetary policy decisions. For now, the Naira’s appreciation below N1,500 per dollar at the official market marks a notable turning point, one that will be closely monitored by economists, investors, and stakeholders in Nigeria’s economic landscape.