The naira, on Thursday, strengthened to N1,455.23 at the official section of the foreign exchange (FX) market.
The local currency appreciated by 1.36 percent from N1,475.34/$ traded on September 30. The last time the exchange rate hit the N1,400 region was in May, 2024.
The current exchange rate signals the naira’s strongest performance in 2025, and represents the strongest performance since the Central Bank of Nigeria (CBN) introduced the electronic foreign exchange matching system (EFEMS).
In December 2024, the apex bank switched to the EFEMS, with the naira trading at N1,660 per dollar at the official side of the FX market.
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At the parallel section of the FX market, the naira appreciated to N1,480 per dollar from N1,485/$ on September 30.
The figure represents the best performance of the currency at the parallel section of the market.
In his Independence Day speech on October 1, President Bola Tinubu said the local currency has regained stability after experiencing volatility between 2023 and 2024.
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“The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024,” the president said.
“The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”
On September 25, Abdul Samad Rabiu, the chairman of BUA Group, predicted that the naira will appreciate to between N1,300 per dollar and N1,400 by year end.
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