The Nigerian Naira began the week on a strong note as the naira climbed to a six-month high on Monday, closing at ₦1,506.84 per US dollar at the official foreign exchange window.
This marks its strongest performance since March 5, 2025, records show.
The latest gain represents a 0.56 per cent appreciation from last week’s closing rate of ₦1,514.86 to the dollar. In the parallel market, the naira also showed resilience, strengthening to around ₦1,527 per dollar, its highest level in more than a month.
The performance also implies that the local currency has rebounded from the steep decline witnessed in March 2024, when the currency fell to about ₦1,800 per dollar following the government’s exchange rate unification policy and fuel subsidy removal.
Market watchers said the current momentum is being driven by improved investor confidence, stronger foreign exchange inflows, and more resilient market liquidity.
Analysts at Cordros Research, in a note to investors, predicted that the local currency is likely to sustain its positive run.
“Renewed capital inflows should be supported by the anticipated Fed rate cut and broader easing in global yields, which would enhance investor appetite for naira assets. Concurrently, improving non-oil export receipts and diminished incentives for speculative positioning in the naira are likely to sustain the momentum of domestic inflows,” the firm stated.