Nigeria’s currency extended its recent gains on Monday, strengthening to N1,356 against the United States dollar at the official foreign exchange market, its strongest performance in nearly seven weeks.
The News Chronicle reports that the latest figures from the Central Bank of Nigeria showed the naira improved from N1,365.4 per dollar recorded at the close of trading on Friday. The new rate represents the currency’s best level since April 23, 2026, reflecting growing stability in the foreign exchange market.
Market data indicated that the naira traded within a narrow range of N1,354.5 and N1,360 during the session, while the average exchange rate settled at N1,356.53 per dollar. The positive movement comes as Nigeria’s external reserves continued their upward trend, reaching $50.51 billion, providing stronger support for the country’s foreign exchange position.
Analysts attribute the naira’s improvement to a combination of rising reserves, better market liquidity and ongoing reforms introduced by the apex bank to improve transparency and boost investor confidence. Recent policy measures have also helped reduce volatility in the official market.
The local currency’s gains coincided with a softer U.S. dollar globally following reports of progress toward easing tensions in the Middle East. With investors showing greater appetite for risk assets, emerging market currencies have received additional support.
Economic observers believe sustained exchange rate stability could help businesses plan more effectively while easing pressure from imported inflation in the months ahead.
