The Naira gained ground against the United States dollar on Monday, trading below ₦1,500/$ at the official foreign exchange market for the first time since February 2025.
According to data released by the Central Bank of Nigeria (CBN), the local currency closed at ₦1,497.5/$1, marking a gain of ₦4.03 from last Friday’s rate of ₦1,501.5/$1.
The development coincides with the steady rise in the country’s external reserves, which reached $41.70 billion as of September 12, 2025.
Analysts say the appreciation signals a positive trend for the economy, especially as the market edges closer to rate convergence.
At the parallel market, the Naira remained stable at ₦1,537/$1 on Monday, the same rate as over the weekend. This stability, observers note, indicates a gradual shift towards a more unified exchange rate regime.
The last time the Naira traded below ₦1,500/$1 at the official market was in February 2025, making Monday’s performance a significant milestone for the local currency.
