The Nigerian naira has appreciated significantly against the U.S. dollar, reaching a notable milestone in 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. Data from the Central Bank of Nigeria show this represents a gain of N4.03 against the dollar compared with the N1,501.5 rate recorded the previous Friday.
This uptick in the naira’s value is a positive development for Nigeria’s economy, especially given the surge in external reserves, which have risen to $41.70 billion as of September 12 2025. In contrast, the naira remained stable in 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 have not yet been fully reflected in other exchange channels.
The last time the naira strengthened to below N1,500 in the official market was in February 2025. This recent appreciation may reflect improving economic fundamentals, particularly the growth in external reserves, and could influence investor confidence and trade activities in Nigeria. As the naira continues to fluctuate, market watchers will be keen to see whether this trend holds and how it affects the broader economy. The Central Bank of Nigeria is likely to remain a key player in shaping the currency’s trajectory through its monetary‑policy decisions. For now, the naira’s fall below N1,500 per dollar in the official market marks a notable turning point that will be closely monitored by economists, investors, and other stakeholders in Nigeria’s economic landscape.
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