Naira hit a new milestone on Tuesday, strengthening to ₦1,448.20 per dollar on EFEMs.
This surge marked the strongest level since trading began and signalled a turning point for Nigeria’s currency story.
Naira Hits New Milestone
Back in December 2024, traders exchanged the naira at ₦1,661.12 to the dollar.
Since then, the currency gained 14.7% — a surprising recovery in just months.
By Tuesday’s close, it rose by 0.3% from Monday’s ₦1,452.79.
Meanwhile, the parallel or “black” market stayed calm, with dealers keeping the naira at ₦1,485 per dollar, unchanged from the previous day.
Confidence And Prices Improve
Monetary Policy Committee member Bala Moh’d Bello explained that tighter liquidity and rising investor confidence drove the currency’s recent strength.
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Moreover, he highlighted that government reforms reduced speculative activity and improved market transparency.
Bello added that the central bank expects the naira’s stability to continue in the medium term, supported by rising external reserves, which reached $42.8 billion by October 22, 2025.
Similarly, a United Capital Plc report confirmed the positive trend.
Analysts observed a 2.47% appreciation in September, with the naira averaging ₦1,497.79 per dollar, compared to ₦1,534.75 in August.
The report also noted that the stronger naira eased import costs, as rice prices fell 0.42% in September compared to August.
For many Nigerians, the stronger naira offers hope.
Gradually, currency stability may relieve daily living costs and moderate import prices.
