The naira has crossed the N1.500 mark against the euro for the first time since April 2024 as the euro slipped against most major currencies in the world foreign exchange market.
According to the Central Bank of Nigeria data, the naira closed at N1,497 to the euro for the day extending its recent gains after hitting a high of N1,800 following major foreign exchange reforms of 2024.
The News Chronicle reports that the naira has been stable against the US dollar with trading around N1,327-N1,330 in the official market.
The improved stability has narrowed the gap between official and parallel market rates, opening up arbitrage opportunities and facilitating price discovery.
The fall in the value of the euro has played a major role in the latest jump in the value of the naira. The European currency recently dipped to around $1.1161, its lowest since May 2025 on political and fiscal pressures in the Eurozone.
Meanwhile, improved domestic refining capacity, particularly the Dangote Refinery, has reduced Nigeria’s reliance on petroleum imports and eased demand for foreign exchange.
Improved oil earnings, agricultural exports and tighter Central Bank of Nigeria liquidity management have also boosted the naira.
The latest gain represents a major turnaround in fortunes of the naira following the 2024 foreign exchange crisis.
