Naira Strengthens to N1,337/$ Amid Global Developments

On Tuesday, the Naira strengthened to N1,337 per dollar in the official foreign exchange market, an improvement from N1,344 recorded on Monday, according to data from the Central Bank of Nigeria (CBN). This marks the Naira's strongest official close since May 29, 2024, when it settled at N1,329.65 per dollar.

The appreciation is attributed to improved dollar liquidity in the parallel market and a shift in global geopolitical conditions, which have positively influenced investor sentiment. The CBN's data indicates a gradual recovery trend for the Naira, supported by better dollar supply dynamics and reduced speculative trading.

The U.S. dollar remained steady amid expectations of monetary policy guidance from the Federal Reserve, which is closely monitored by investors. On September 2025, during the 302nd Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso announced a reduction in the Monetary Policy Rate (MPR) by 50 basis points to 27 percent, adjusting the asymmetrical corridor around the MPR to 250 basis points.