Dollar Crashes as Naira Appreciates to a Five-Month High Below N1,500/$1
- The naira has maintained its stable performance in both the official and unofficial foreign exchange markets
- The latest exchange rate shows that the Nigerian currency is at its strongest level in five months against the dollar
- This performance follows the Central Bank of Nigeria’s (CBN) steady growth in external reserves
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The value of the naira has appreciated against the US dollar in both the official and parallel foreign exchange markets.
The improvement comes as demand pressures ease, foreign exchange liquidity strengthens, and the Central Bank of Nigeria (CBN) records steady growth in external reserves.
Source: Getty Images
Data from the CBN showed that the Nigerian currency, the naira, on Monday, September 15, 2025, rose to a five-month high of N1,497.46/$1 at the Nigerian Foreign Exchange Market (NFEM).
This marks its strongest level since March 4, 2025, when it traded at N1,491.67/$1.
When the latest exchange rate is compared to N1,501.49/$1, Friday's rate it means the naira gained N4.03 or 0.3% on Monday.
Year-to-date, the naira has appreciated by 2.9%, rising from N1,541.36/$1 at the start of the year.
Naira gains at black market
A Bureau de Change (BDC) operator in Lagos, Ibrahim Musa, told Legit.ng:
“We are now buying the dollar at N1,518 and selling at N1,528. There is more liquidity in the market and fewer speculators, which is why the rates are improving.”
"The euro traded between N1,770 and N1,785, while the British pound exchanged for around N2,070 to N2,090 in the parallel market."
CBN MPC members confident of sustained stability
In their last meeting in July 2025, members of the Monetary Policy Committee (MPC) projected that the naira’s stability will persist in the medium term.
Bala Moh’d Bello, an MPC member, said speculative activities had declined significantly, fostering transparency and market-based price discovery.
He added that Nigeria’s external reserves, which stood at $40.11 billion in mid-July, were sufficient to cover about 9.5 months of imports.
Source: Getty Images
FX inflows update
According to Coronation Merchant Bank Research, total FX inflows fell slightly to $550.90 million last week from $567.20 million the week before.
Foreign Portfolio Investment (FPI) accounted for the bulk at 55.2%, followed by exporters and non-bank corporates, BusinessDay reports.
Despite the slight dip, Nigeria’s external reserves rose by $357.84 million to $41.66 billion by Thursday, September 11, 2025, supported by steady daily accretions.
Other currencies’ exchange rates (official market)
- CFA: N2.67
- Yuan/Renminbi: N210.30
- Danish Krona: N235.96
- Euro: N1761.47
- Yen: N10.17
- Riyal: N399.21
- South African Rand: N86.32
- SDR: N2050.63
- Swiss Franc: N1882.89
- Pounds Sterling: N2038.05
- US Dollar: N1497.47
Nigeria sees 200% growth in diaspora remittances
Earlier, Legit.ng reported that in the last two months, remittances from Nigeria's diaspora have increased by 200 percent to $600 million.
Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), who made this announcement yesterday, Nigeria's foreign exchange profile is significantly improving.
Speaking in São Paulo, Brazil, at the Delta State-Brazil Business and Investment Roundtable, Cardoso stated that the monthly inflows had increased from roughly $200 million to $600 million over the last two months, with estimates that they would reach at least $1 billion by the end of the year.
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Source: Legit.ng
