Naira Strengthens Below N1,500 per Dollar at Official Market for First Time Since February

The Naira appreciated to below N1,500 against the US dollar at the official foreign exchange market on Monday, marking the first time in seven months the currency has strengthened past that level. According to figures released by the Central Bank of Nigeria, the Naira closed at N1,497.5 per dollar, an improvement from N1,501.5 recorded last Friday. This represents a gain of N4.03 against the dollar.

At the parallel market, however, the Naira remained stable at N1,537 per dollar, the same rate as over the weekend. The last time the currency traded below N1,500 at the official window was in February 2025.

The positive movement comes amid a steady rise in Nigeria’s external reserves, which climbed to $41.70 billion as of September 12, 2025. Analysts say the increase in reserves may be contributing to the renewed strength of the Naira in recent days.