The Naira opened the week on a mild downward trend on Monday, trading at N1,448.43 to the US Dollar at the official foreign exchange market. Data from the Central Bank of Nigeria (CBN) showed that the currency lost N1.69, representing a 0.1% decline from Friday, November 28, when it closed at N1,446.74.
Analysts described the slight drop as a routine market adjustment and noted that the Naira remains relatively stable compared to the volatility experienced in previous months.
The currency’s improved stability has attracted commendation from investors, who say ongoing FX market reforms have strengthened confidence and enhanced predictability.
CBN Governor, Mr. Olayemi Cardoso, highlighted the reforms that have reduced opacity, curbed market manipulation, and restored discipline, resulting in a more transparent and efficient FX market.
Speaking at the 2025 60th Annual Bankers’ Dinner in Lagos, Cardoso noted that the Naira now trades within a narrow and stable band, a development he said benefits both businesses and investors.
He also pointed to the significant narrowing of the gap between the official and parallel market rates—now less than 2%, down from over 60% previously.
Cardoso added that sustained reforms and consistent policies remain crucial for maintaining currency stability, boosting investor confidence, and supporting Nigeria’s broader economic growth goals.
