Naira Gains ₦89.95 Against Dollar as Nigeria’s Foreign Reserves Hit $55.13bn
- The naira gained 6.26% against the dollar in a year, rising to N1,346.79 on 6 November 2026
- CBN Governor Olayemi Cardoso said the naira should remain market-driven and reflect economic fundamentals
- Nigeria’s $55.133 billion in foreign reserves provides a buffer for external payments and efforts to stabilise the naira
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The naira strengthened by 6.26 per cent against the United States dollar over the past year, reflecting an improvement in its exchange rate between November 2025 and November 2026.
The currency appreciated to N1,346.79 per dollar on 6 November, 2026, from N1,436.74 recorded on the corresponding date in 2025, representing a gain of N89.95 against the greenback.
Source: Getty Images
The latest exchange rate indicates that the naira has recovered some ground against the dollar over the past 12 months, potentially easing foreign exchange costs for businesses and consumers dependent on imported goods and services.
The appreciation comes amid efforts by the Central Bank of Nigeria to stabilise the FX market, improve dollar availability and strengthen confidence in the domestic currency.
A stronger naira could reduce the cost of importing raw materials, machinery, pharmaceuticals and other products priced in foreign currencies, potentially easing pressure on businesses and consumers.
However, the extent to which the exchange rate improvement translates into lower prices will depend on how quickly importers adjust their prices and whether the currency maintains its gains.
For manufacturers and other businesses with significant foreign currency obligations, the appreciation could reduce the naira cost of servicing dollar-denominated liabilities.
The Governor of the CBN, Olayemi Cardoso, said in July 2026 that the naira must remain market-driven and competitive rather than being artificially supported, Punch reports.
Cardoso said in Abuja that the apex bank remained committed to a transparent, liquid FX market driven by willing buyers and willing sellers.
He said, “Our view is one of continuing on the path that we have embarked on, and that is to ensure that we have a transparent market, that is liquid, and one that has willing buyer, willing seller.
“At the present level, the country does need a competitive currency. The naira’s value has to be determined by economic fundamentals, including stronger oil and non-oil exports, increased foreign direct investment, improved domestic productivity and lower import dependence.”
“We are very comfortable at the central bank that we have a fully functional market, a market that is open, that is transparent, a market that sometimes you find that on a daily basis, the amount of turnover is in excess of $1 billion and a market that is responding to the positive things that we are doing as a central bank”, Cardoso explained.
Source: Getty Images
Meanwhile, Nigeria’s FX reserves stood at $55.133bn on 5 November, 2026, providing a buffer for the country’s external obligations and efforts to stabilise the naira.
The reserves position reflects the stock of foreign assets available to support FX interventions and meet external payment commitments.
The level of reserves will remain important to investors as they assess Nigeria’s external liquidity position, currency stability and capacity to withstand foreign exchange pressures.
CBN’s dollar exchange rate changes
Legit.ng earlier reported that the Nigerian naira ended October 2026 on a disappointing note, surrendering about 42% of the gains it recorded during a three-month rally as renewed pressure pushed the dollar exchange rate higher.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency weakened to approximately N1,346 per dollar on October 30, compared with N1,329.50 at the end of September.
Source: Legit.ng
