CBN Unveils New FX Rates as Naira Gains Against Dollar

Official Rate Improves to ₦1,368.27/$ as External Reserves Rise Above $51 Billion

ABUJA, Nigeria  The Nigerian naira recorded fresh gains against the United States dollar, British pound, and euro in the official foreign exchange market, extending its recent streak of stability amid improving investor confidence and stronger external reserves.

According to data released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,368.27 per US dollar on Monday, appreciating from ₦1,370.19/$ recorded in the previous trading session.

The local currency also strengthened against other major international currencies:

• US Dollar: ₦1,368.27/$ (from ₦1,370.19/$)
• British Pound: ₦1,826.91/£ (from ₦1,829.89/£)
• Euro: ₦1,562.70/€ (from ₦1,568.32/€)

Improved Liquidity Supports the Naira

Market analysts attributed the latest appreciation to improved foreign exchange liquidity and growing investor confidence following ongoing monetary reforms introduced by the CBN.

Managing Director of Stanbic IBTC Holdings, Ayodeji Ebo, said stronger liquidity and better demand-supply balance continue to support the naira.

He also noted that recent CBN policy reforms have improved transparency and price discovery in Nigeria’s foreign exchange market.

External Reserves Rise to $51.46 Billion

The latest gains come as Nigeria’s gross external reserves increased to $51.46 billion, providing additional support for the country’s foreign exchange market.

Higher reserves are expected to strengthen the CBN’s ability to maintain market stability and meet foreign exchange obligations.

Parallel Market Remains Stable

While the naira appreciated in the official market, it traded at around ₦1,390 per dollar in the parallel market, with the gap between both markets continuing to narrow.

Financial experts say sustained FX inflows and disciplined monetary policies could help preserve exchange rate stability in the coming months.