Naira Appreciates Massively, Exchange Rate Now Highest Level Since 2024
- The Nigerian currency has strengthened to its highest level since 2024, in the official foreign exchange market
- CBN data shows that the naira is having one of its best performances across all foreign exchange markets
- CBN MPC members have shared their views on the naira’s performance and outlined their expectations
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 naira has appreciated massively in both the official and parallel markets as the market resumes trading after the independence day celebration on Wednesday, October 1.
The latest closing rate of N1,464 achieved on Thursday, October 2 is the highest level on Central Bank of Nigeria record since 2024.
Source: Getty Images
Thursday’s rate represents a 0.88% or N13.15 appreciation of the naira compared with Tuesday’s rate of N1,478.
Naira vs pound, euro
Read also
The Nigerian currency also appreciated against the British pound, strengthening by N23.50 to trade at N1,956.42/£1, compared with N1,979.92/£1 in the previous session.
While against the euro, it advanced by N22.56, closing at N1,706.99/€1 from N1,729.55/€1.
At Guaranty Trust Bank (GTBank), one of CBN’s authorised dealers, the naira closed at N1,475/$1, firmer than the N1,485/$1 rate posted a day earlier.
Here is latest rates of all currencies
• CFA: N2.64
• Yuan/Renminbi: N204.38
• Danish Krona: N228.58
• Euro: N1706.99
• Yen: N9.89
• Riyal: N388.02
• South African Rand: N84.34
• Swiss Franc: N1823.61
• Pounds Sterling: N1956.42
• US Dollar: N1455.24
Source: Getty Images
MPC’s outlook for naira
Members of the CBN’s Monetary Policy Committee (MPC) shared their views on the naira’s performance.
At its September Monetary Policy Committee (MPC) meeting, CBN Governor Yemi Cardoso disclosed that Nigeria’s gross external reserves stood at $43.05 billion as of September 11, 2025, compared with $40.51 billion at the end of July 2025.
Read also
MPC members expressed optimism that the naira’s appreciation trend could continue into the coming week.
Emem Usoro, one of the members, said the naira’s appreciation is backed by higher market turnover and growing investor confidence, has reinforced inflation expectations.
While Aku Pauline Odinkemelu attributed naira gains to tighter liquidity and reforms that reduced speculative activity in the FX market.
Mustapha Akinkunmi noted that the currency’s volatility had fallen sharply, with the spread between official and parallel markets almost eliminated.
Muhammad Sani Abdullahi noted that naira assets are gaining traction as sentiment improves.
Naira projection by 2026
Earlier, Legit.ng reported that the naira has been projected to weaken between N1,650 and N1,700 in mid-2026, due to expected pressure driven by lower crude oil prices and new monetary easing cycle.
This is the view of David Cowan, Citibank African economist in a note to clients on Wednesday, September 24, 2025.
Read also
Citi cautioned that weaker oil prices next year could weigh on Nigeria’s foreign exchange earnings and amplify pressure on the currency.
Source: Legit.ng
