Naira Hits N1,400/$ For First Time Since May 2024 As Currency Strengthens In Official Market

Naira has hit N1,400 against the dollar for first time since May 2024, boosted by rising FX reserves, stronger market confidence.

The naira strengthened to N1,400.47 against the US dollar at the official segment of Nigeria’s foreign exchange (FX) market on Wednesday, marking its strongest performance since the introduction of the Central Bank of Nigeria’s (CBN) electronic foreign exchange matching system (EFEMS).

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira gained N0.75, or 0.05 percent, from the N1,401.22 per dollar recorded on January 27. The last time the currency traded at the N1,400 level was in May 2024.

The naira’s rally has been steady over the past few days, rising from N1,418.95 on January 26 and N1,401.22 on January 27. In the parallel market, the local currency also appreciated to N1,470 per dollar, its strongest level since December 1, 2025, up from N1,490 per dollar over the previous two days.

President Bola Tinubu, in his New Year message, attributed the naira’s resilience to Nigeria’s foreign reserves, which he said have cushioned the currency against external shocks and are expected to improve further in 2026.

Nigeria’s FX reserves rose to $46 billion on January 22, the highest in about eight years, providing additional support for the naira amid growing market confidence.

The latest appreciation reflects a combination of robust foreign reserves and the CBN’s measures to stabilise the currency, giving both businesses and investors optimism for the coming months.