Naira Records Best Exchange Rate Against US Dollar Since May 2024, CBN Excited
- Nigerian currency has strengthened against the US dollar in the official foreign exchange market
- Naira also recorded gains against major foreign currencies, including the British pound and the euro
- Yemi Cardoso, CBN governor is excited about the naira performance and provided inisght on the what the future holds
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency, the naira, has appreciated against the United States dollar and other major foreign currencies, recording its strongest performance in several months.
Data published on the Central Bank of Nigeria’s (CBN) website shows that the naira closed at N1,354.9 per dollar at the official market on Monday, Febuaury 9 improving from N1,384.5 per dollar recorded on the corresponding Monday of the previous week.
Source: Getty Images
Checks indicate that this is the naira’s best exchange rate since May 29, 2024, when it closed at N1,329.65/$1, reflecting renewed stability in the foreign exchange market.
Nigerian currency also appreciated against the pound sterling in the official market during the session by N12.03 to settle at N1,845.72/£1 versus last Friday’s closing price of N1,857.75/£1, but depreciated against the euro by 69 Kobo to quote at N1,613.19/€1, in contrast to the N1,612.52/€1 it was exchanged last Friday.
The naira also improved in the parrerl market.
Traders confirmed to Legit.ng that the naira is now trading at its strongest performance in months.
Abudullahi a BDC trader gave the latest exhange rate as follow:
"On Monday, the dollar was trading between N1,435 and N1,450, the pound between N1,960 and N2,000, and the euro between N1,670 and N1,710."
Cardoso excited about the future
Meanwhile, Olayemi Cardoso, Governor of the Central Bank of Nigeria has expressed optimism about the currency’s outlook, stating that sustained monetary reforms have restored confidence in the FX market.
Speaking at the National Economic Council (NEC) Conference in Abuja n Monday, Febuary 9, Cardoso noted that the gap between the official and parallel market rates has narrowed sharply, falling to under 2%.
According to him, improved liquidity has reduced pressure on the naira and ended the scramble for foreign exchange among businesses and travellers.
He said:
“When you travel now, you don’t have to look for foreign exchange; you can use your naira card and pay for whatever you want”
Cardoso also added that the currency is once again competitive within the West African sub-region.
Source: Getty Images
The CBN attributes the currency’s recent strength to reforms focused on disinflation, FX market normalisation, and banking sector resilience.
Cardoso also revealed that the apex bank is now buying foreign exchange from the market, rather than selling, a sign of improving confidence and sustainability, BusinessDay reports.
He added that strengthening external reserves and moving towards a market-driven FX system are critical to attracting foreign direct investment and supporting Nigeria’s long-term goal of building a $1 trillion economy.
Also, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), told Legit.ng:
"The outlook for 2026 looks promising, with expectations of stronger economic growth, lower inflation, rising investor confidence, and a shift toward more inclusive development.
"If reforms continue and security challenges are addressed, 2026 could usher in a period of stronger growth and noticeable improvements in people’s living standards."
Naira exits Africa’s top 10 worst currency rankings
Legit.ng earlier reported that Nigeria’s currency performance towards the end of 2025 has helped it outside Africa’s 10 worst-performing currencies ending nearly two years on the bottom-ten list.
An analysis using the Forbes currency calculator shows that naira exited the list in October 2025 and had not reappeared as of December, supported by improving external reserves, policy reforms and better FX liquidity.
Forbes data revealed that São Tomé and Príncipe’s dobra was Africa’s weakest currency last year.
Source: Legit.ng
