The naira gained strength on Monday, closing at ₦1,455.23 per dollar in the official foreign exchange market. This marks a 1.36% improvement from ₦1,475.34 on September 30.
It is the first time since May 2024 that the naira has traded in the ₦1,400 range, making this its strongest performance so far this year.
The Central Bank of Nigeria’s electronic foreign exchange matching system (EFEMS), introduced in December 2024, has played a key role in the rebound.
When EFEMS began, the naira stood at ₦1,660 per dollar in the official market. The current rate shows a significant recovery within ten months.
In the parallel market, the currency also improved, closing at ₦1,480 compared to ₦1,485 at the end of September. This is the best unofficial market rate seen in 2024.
In his October 1 Independence Day address, President Bola Tinubu said: “The naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.”
Adding to the optimism, BUA Group chairman Abdul Samad Rabiu predicted on September 25 that the naira could strengthen further. He projected an exchange range of between ₦1,300 and ₦1,400 per dollar before the end of 2025.
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