Naira Appreciates Against US Dollar as CBN Governor Lists Achievements
- The naira has strengthened in value against the US dollar in the official and unofficial markets
- The naira also improved against the pound sterling and the euro in the Nigerian official market
- The CBN is excited about the achievements in narrowing market spreads, with official and parallel FX rates
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 against the US dollar in both official and parallel markets on Wednesday, November 26, 2025, as improved stability and growing investor confidence continued to support Nigeria’s foreign exchange (FX) market.
Source: Getty Images
New exchange rates
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at N1,442.92/$1 on Wednesday, up from N1,446.31/$1 on Tuesday, November 25.
This marks a gain of N3.39, reflecting modest strengthening in the official market.
Against other major currencies, data revealed a slight depreciation against the pound but a marginal gain against the euro, indicating mixed but overall stable performance in the FX market.
- Pounds Sterling:N1,906.53 on Wednesday, November 26, compared with N1,902.19 on Tuesday, November 25
- Euro: N1,670.90 on Wednesday, November 26, compared with N1,671.07 on Tuesday, November 25
CBN lists achievements as FX market gains
At the just concluded 303rd Monetary Policy Committee (MPC) meeting, Yemi Cardoso the CBN governor highlighted improvements in the foreign exchange market, noting that the spread between official and parallel market rates has narrowed to 2%, down from around 60% in previous years.
The governor also revealed the strength of Nigeria’s external reserves and liquidity in the FX market right now can cover about 10 months import cover.
Source: Facebook
His words:
“ The foreign exchange market is now open, transparent, and disciplined. On a daily basis, we have around half a billion dollars in market activity, often without CBN intervention. This is unprecedented in Nigeria.
"“The issue of macro stability and the gains of macro stability, to my mind is the core of the matter. That to the extent that we have accomplished stability, stability is a very fundamental process in the road to growth.
"You will recall that about a year and a half or two years ago, there was a lot of instability in our markets. And when there is instability, those who would normally invest, stay away.
"Now we have moved from a situation where there is stability, and after stability comes investment, and after investment comes growth.That is what will ultimately deliver tangible relief for Nigerians.
External reserves and FX inflows
Earlier, Legit.ng reported that Nigeria’s external reserves rose by $650 million week-on-week to $44.18 billion as of November 20, 2025, up from $43.53 billion on November 13.
A report by United Capital Plc noted that reserves have strengthened over recent months, providing over eight months of import cover and supporting market confidence.
United Capital also highlighted that October saw the highest FX inflows since May, reflecting strong investor appetite for Nigeria’s economy.
Source: Legit.ng
