Nigerian Naira Hits Best Exchange Rate vs. US Dollar Since May 2024, CBN Excited

The Nigerian Naira has reached its strongest exchange rate against the US Dollar since May 2024, with the Central Bank of Nigeria (CBN) showcasing its excitement over this development. Data published on the CBN website revealed that the Naira closed at around N1,354.9 per dollar on Monday, February 9, marking an improvement from N1,384.5 per dollar recorded the previous week.

Olayemi Cardoso, the Governor, expressed optimism about the currency's outlook, attributing the recent strength to sustained monetary reforms and restored confidence in the foreign exchange market. Muda Yusuf, CEO of the Centre for Promoting Private Enterprise (CPPE), highlighted that Nigeria's currency performance towards the end of 2025 helped it avoid being listed among Africa's worst-performing currencies.

The CBN's focus on reforming and normalizing the foreign exchange market, as well as strengthening the banking sector, has contributed to the Naira's recent strength.