The Naira strengthened against the United States dollar on Monday, closing at N1,356/$ at the official market.
- +Naira strengthens to N1,356/$, best level since April 2026
Data from the Central Bank of Nigeria’s (CBN) website shows that the currency appreciated from N1,365.4/$ recorded on Friday to N1,356/$ on Monday.
Data from the Central Bank of Nigeria’s (CBN) website shows that the currency appreciated from N1,365.4/$ recorded on Friday to N1,356/$ on Monday.
The latest appreciation marks the naira’s best closing rate since April 23, 2026, when it settled at N1,355/$.
The strengthening also comes amidst the steady rise in foreign reserves in recent weeks.
According to the CBN data, the naira appreciated by N9.4 against the dollar compared to Friday’s close.
The stronger performance comes as the official foreign exchange market continues to benefit from improved liquidity and policy reforms aimed at enhancing transparency and investor confidence.
The naira’s recent performance comes against the backdrop of ongoing monetary and foreign exchange reforms by the Central Bank of Nigeria.
The CBN attributed the increase to improved foreign exchange inflows and policy reforms aimed at boosting market liquidity.
The naira’s appreciation coincided with a weaker U.S. dollar in international markets following reports of a peace agreement aimed at ending the Middle East conflict.
Global investors shifted focus to monetary policy decisions by the Bank of Japan and the Reserve Bank of Australia.
Analysts say easing geopolitical tensions have improved global risk appetite, reducing demand for safe-haven assets such as the U.S. dollar and providing support for emerging market currencies, Reuters reported.
The naira has recorded a period of relative stability in recent weeks, supported by ongoing foreign exchange reforms and stronger external buffers.
The CBN has implemented measures to improve market transparency and liquidity.
Stable exchange rate conditions are expected to support business planning and moderate imported inflation.
The Central Bank of Nigeria (CBN) had earlier projected a positive outlook for the country’s external reserves despite recent declines.
