Naira Strengthens to ₦1,348/$ at Official FX Market Amid Liquidity Boost

Nigeria’s currency, the Nigerian naira, has appreciated to ₦1,348 against the United States dollar at the official foreign exchange market, marking one of its strongest positions in recent months.

Data from the Nigerian Foreign Exchange Market (NFEM) shows that the local currency firmed up to this level, reflecting improved liquidity conditions and renewed investor confidence in the market. The appreciation places the naira within the ₦1,345–₦1,355 range projected by analysts for short-term stability at the official window.

The strengthening of the naira is being linked to ongoing policy adjustments by the Central Bank of Nigeria, including measures aimed at deepening market liquidity and enhancing access to foreign exchange. Notably, recent reforms such as reopening FX access to Bureau De Change operators and easing restrictions in the currency market have contributed to increased dollar supply and reduced volatility.

Market analysts note that the currency’s rally to ₦1,348/$ represents a significant rebound when compared to earlier levels in 2026, when the naira traded above ₦1,400/$ at the official window. The appreciation has also coincided with a broader surge in Nigeria’s financial markets, including a strong rally in equities, which has boosted overall investor sentiment.

Economic experts, however, caution that while the current gains signal short-term stability, sustaining the naira’s strength will depend on consistent foreign exchange inflows, disciplined monetary policy, and broader macroeconomic conditions—particularly global oil prices and external shocks that influence Nigeria’s dollar earnings.

The naira’s performance at the official market remains a key indicator of the country’s economic health, with policymakers closely monitoring trends as reforms continue to reshape Nigeria’s foreign exchange framework.