The naira strengthened against the United States dollar at the official foreign exchange market, closing at N1,356/$ on Monday, its strongest performance since April 2026.
Data published by the Central Bank of Nigeria (CBN) showed that the local currency appreciated from N1,365.4/$ recorded at the close of trading on Friday to N1,356/$, representing a gain of N9.4 against the dollar.
The latest exchange rate marks the naira’s best closing position since April 23, when it settled at N1,355/$, highlighting a continued recovery in the foreign exchange market.
According to the CBN data, the naira traded within an intraday range of N1,354.5/$ to N1,360/$ during the session, while the average exchange rate stood at N1,356.53/$.
Market analysts attribute the currency’s improved performance to sustained foreign exchange liquidity and ongoing monetary and exchange-rate reforms aimed at boosting transparency and investor confidence in the market.
The appreciation also coincides with a steady rise in Nigeria’s external reserves, which stood at $50.51 billion as of June 11, 2026, according to official figures.
The recent gains reinforce a broader trend of relative stability in the foreign exchange market, supported by stronger foreign exchange inflows, improved market sentiment, and reduced speculative demand for dollars.
The naira’s latest rally comes after periods of volatility earlier in the year and signals growing confidence in the reforms being implemented by the apex bank to stabilize the country’s currency market.
