The naira has strengthened beyond the N1,500-to-one-euro mark for the first time since April 2024, closing at N1,497/€ amid a broader decline in the value of the European currency.
Latest Central Bank of Nigeria data cited by Nairametrics showed that the naira breached the key N1,500 level as the euro weakened against the US dollar in global foreign exchange markets.
The euro fell to about $1.1161 during Asian trading, its weakest level since May 2025, amid investor concerns over political and fiscal instability in the Eurozone. The decline was also linked to renewed uncertainty surrounding France and preparations for an early election in Spain.
The naira’s recent performance against the euro comes despite its relatively stable position against the dollar. It has traded within a narrow range of about N1,327-N1,330/$ in the official market, supported by improved foreign reserves, central bank liquidity management and reduced pressure in the FX market.
The narrowing gap between official and parallel-market rates has also improved price discovery and reduced opportunities for currency arbitrage. Meanwhile, increased domestic petroleum refining and stronger export performance have helped reduce pressure on Nigeria’s foreign exchange reserves.
The latest movement marks a significant recovery from the period after the 2024 FX reforms, when the naira-to-euro rate rose above N1,500 and reached levels approaching N1,800/€.
