Nigerian Naira Strengthens Against Major Currencies, CBN Releases New Exchange Rates
The Nigerian Naira appreciated against the US Dollar, Pound Sterling, and Euro, with the CBN releasing new exchange rates. The Naira gained ground in both the official and black markets, supported by rising external reserves and foreign portfolio investments.
Analysts expect strategic interventions in the FX market to boost liquidity and curb speculative trading. Aminu Gwadabe, President of ABCON, highlighted the positive performance of Nigeria's currency in 2025, moving it out of Africa's worst-performing currencies list.
This improvement is attributed to enhanced external reserves, policy reforms, and increased FX liquidity.
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