Nigerian Naira Hits Record High Against US Dollar at 1,400 Amid Market Momentum

The Nigerian Naira has appreciated to a record high of 1,400 against the US Dollar at the official market, showing a 1.26% increase during midweek trading. The Central Bank of Nigeria's data indicates this gain, with the dollar quoting at 1,401.22 Naira.

In contrast, the parallel market in Lagos trades the Naira at 1,475-1,490 per dollar. Analysts credit this improvement to enhanced regulatory oversight and increased foreign exchange supply.

The Naira's recent appreciation is part of ongoing foreign exchange reforms by the Central Bank, aiming to sustain a positive trend in the currency's value. Projections suggest the Naira may trade between 1,400-1,500 per dollar in 2026, with the Nigerian Economic Summit Group forecasting a trading range around 1,480 per dollar.

The group also anticipates a steady rise in Nigeria's external reserves to $52 billion by 2026, driven by macroeconomic reforms and stabilization efforts.