Naira Surges to Two-Year High at N1,396 as Dollar Weakens: Experts Explain

The Naira has appreciated to N1,396.99 per Dollar, its strongest performance since 2024, as reported by journalist Dave Ibemer. Experts attribute the Naira's strength to the weakening Dollar, creating a favorable environment for capital inflow into emerging markets like Nigeria.

Factors supporting the Naira include stable oil prices, higher remittances, and improved foreign exchange processes. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, sees the Naira's strength as a signal of confidence in Nigeria's ongoing economic reforms.

The Central Bank of Nigeria data shows a notable increase in gross external reserves, reaching $46.012 billion by January 22, 2026, the highest level in eight years. This surge underscores a significant turnaround in Nigeria's external position, offering renewed optimism for the country's economic recovery.