Naira Per Dollar Hits Highest Level in Months

THE naira has surged to its strongest level in months, trading at N1,497 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The rally, supported by rising foreign reserves and increased dollar supply, has also been reflected in the black market, where rates continue to appreciate.

Analysts say this momentum could shift year-end forecasts for the local currency, which many expected to hover between N1,580 and N1,600 per dollar in 2025.

According to the Central Bank of Nigeria (CBN) FX update for Monday, September 8, 2025, the naira closed at ₦1,506.08/$ after testing an intra-day low of ₦1,497.00 and a high of ₦1,509.50. The performance came as Nigeria’s external reserves rose to $41.571 billion, an increase of $33.27 million from the previous day.

The CBN attributed the stability to stronger FX inflows, bolstered by oil receipts and private-sector participation. Forex traders also noted that thinning demand pressures have allowed the naira to hold firm across multiple trading sessions.

Earlier in the year, many analysts had predicted that the naira would close 2025 between N1,580 and N1,600 per dollar due to external risks and market pressures.

However, the currency’s recent resilience, combined with CBN interventions, has prompted a rethink.

“Rising reserves and improved FX inflows are restoring confidence,” said a Lagos-based financial analyst, Osas Igho.

She added that the naira may trade below previous projections if the current momentum continues into Q4.