US Dollar Plunges to 4-Year Low, Boosting Naira as Gold Surges

The US dollar has plummeted to its lowest level in four years, causing the Naira to reach a new high against the dollar. This decline has prompted investors to shift funds to traditional safe havens like gold, the euro, and the Swiss franc.

The dollar has dropped 1.3% against a basket of major currencies, marking its fourth consecutive day of losses. This weakening dollar has led to a surge in gold prices, hitting a record high above $5,200 per ounce.

Meanwhile, Nigeria's Naira has strengthened against the dollar in the official market, reflecting the global shift in currency sentiment. The Central Bank of Nigeria (CBN) reported a significant increase in foreign exchange reserves, reaching $46.012 billion as of January 22, 2026, the highest level in eight years.