The naira strengthened to ₦1,497.46 per dollar on Monday, marking its highest value in over six months at the official foreign exchange (FX) window, according to data from the Nigeria Foreign Exchange Market (NFEM).
The local currency appreciated by 0.21 percent, improving on the ₦1,501.49/$ rate recorded just days earlier on September 12. This latest gain represents the strongest performance for the naira since March 4, 2025, when it traded at ₦1,491.67/$.
Consistent Uptrend Since Early September
The NFEM data shows the naira has been on a steady recovery trajectory throughout the month of September. From September 1 to 4, the currency appreciated progressively to close at:
- ₦1,526.09/$ (Sept. 1)
- ₦1,526.05/$ (Sept. 2)
- ₦1,521.45/$ (Sept. 3)
- ₦1,514.86/$ (Sept. 4)
The appreciation continued through September 8 to 10, as the naira traded at:
- ₦1,506.84/$ (Sept. 8)
- ₦1,506.08/$ (Sept. 9)
- ₦1,500.91/$ (Sept. 10)
Although the currency briefly dipped to ₦1,502.13/$ on September 11, it rebounded the following day and has since held steady below the ₦1,500 threshold.
Parallel Market Also Sees Gains
The naira also recorded gains in the parallel FX market, where it appreciated to ₦1,535 per dollar on Monday, a 0.32 percent improvement from the ₦1,540/$ rate seen on September 12.
Despite fluctuations, the local currency has largely maintained relative stability on the streets since the beginning of the month. It traded at ₦1,545/$ on September 1, briefly strengthened to ₦1,400/$ between September 2 and 3, and returned to ₦1,545/$ thereafter.
The parallel market saw additional gains on:
- September 8: ₦1,525/$
- September 9: held steady at ₦1,525/$
- September 10: declined slightly to ₦1,535/$
- September 11: dipped to ₦1,540/$
- September 16: appreciated back to ₦1,535/$
Finance Minister Attributes Gains to FX Reforms
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, said the recent FX performance reflects the positive impact of the naira floatation policy introduced by the administration of President Bola Ahmed Tinubu.
“The floating of the naira is already yielding results. The FX market is finding its balance, and confidence is returning,” Edun said in an earlier statement.
The federal government has maintained that liberalising the currency market would enhance transparency, attract foreign inflows, and reduce the demand pressure that historically plagued the naira.
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