Nigeria’s naira traded in a tight range this week, holding near N1,331 per dollar and close to its strongest official level in two years. The calm supports the Central Bank of Nigeria’s (CBN) price-stability push after a long period of sharp depreciation.
CBN figures, put the official Nigerian Foreign Exchange Market rate at about N1,331.19 on Monday, N1,330.37 on Tuesday, N1,331.27 on Wednesday and N1,331.60 on Thursday.
Daily moves stayed within roughly N2, or less than 0.2%. The currency was only marginally weaker than the previous Friday’s close near N1,329.60.
Street-market (Black market) quotes ranged from about N1,362 to N1,385, leaving a gap of roughly N30 to N50 against the official rate. Gross external reserves stood near $55 billion in early October, up from about $42.5 billion a year earlier.
Autonomous inflows, rather than central-bank sales, supplied nearly 68% of July’s $10.82 billion in foreign-exchange receipts, CBN officials said. Turnover on the official market topped $1 billion on at least one day this week.
The naira has recovered about N329, or 24.7%, from N1,660.49 in October 2024. Analysts at FSDH Merchant Bank said volatility has eased sharply versus 2025 and early 2026.
The stability held after policymakers cut the benchmark rate from 26.5% to 23% in September. Inflation had already slowed to 15.43% in July from a December 2024 peak of 34.8%.
Some market forecasts see the official rate near N1,290 by year-end if reserves and private inflows remain firm. For foreign investors and importers, the narrow band signals a more predictable currency after years of disorderly moves.
