The Nigerian naira recorded its best performance of the year on Thursday, surging to ₦1,455.23 per U.S. dollar at the official foreign exchange market.
The figure marks a 1.36 percent gain from the ₦1,475.34/$ posted on September 30 and is the first time the currency has entered the ₦1,400 range since May 2024.
This latest milestone cements the naira’s strongest showing in 2025 and its firmest level since the Central Bank of Nigeria (CBN) unveiled the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. At the time of that transition, the naira had sunk to around ₦1,660/$, sparking fears of further collapse in the official window.
In his Independence Day broadcast on October 1, President Bola Ahmed Tinubu hailed the turnaround, crediting recent reforms for calming the turbulence of previous years. “The naira has stabilised from the volatility witnessed in 2023 and 2024,” the president declared. “The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”
Confidence was further buoyed by BUA Group chairman Abdul Samad Rabiu, who just days earlier, on September 25, projected that the currency could strengthen even further, landing between ₦1,300 and ₦1,400 to the dollar before year-end. His optimism appears to have fed into market sentiment, reinforcing the narrative of an improving economic outlook.
Analysts, however, have tempered celebrations with caution. While the rebound highlights renewed confidence in Nigeria’s FX market, its sustainability will hinge on consistent dollar inflows, effective CBN interventions, and stability in global oil prices. Any shock to crude revenues or delays in capital remittances could threaten the fragile gains.
For now, though, the naira’s resurgence represents a symbolic win for both government and markets. After months of volatility, Nigeria’s battered currency is showing signs of resilience—leaving many to wonder if this is the beginning of a steady climb or just another fleeting reprieve in the country’s long-running FX battles.
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