Naira appreciates below N1,500 against dollar first time since February

The Naira has made a significant gain against the US dollar, appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.

According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,497.5 per dollar on Monday, a notable increase from N1,501.5 per dollar last week Friday, representing a gain of N4.03 against the dollar.

This development comes as Nigeria’s external reserves continue to surge, reaching $41.70 billion as of September 12, 2025.

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The Naira’s appreciation is seen as a positive trend for the country’s economy.

In contrast, the Naira remained stable at N1,537 per dollar at the black market on Monday, the same rate as last weekend.

This stability in the black market rate suggests a potential shift towards a more unified exchange rate regime.

The last time the Naira strengthened below N1,500 at the official market was February 2025, making this recent appreciation a significant milestone for the currency.