Naira records another six-month high of N1,506.84 as FX supply stabilises

The naira on Monday recorded another six-month high of N1,506.84 per dollar at the official foreign exchange (FX) market, as dollar supply continues to stabilise.

The last time the naira traded stronger than this level was on March 5, 2025, when it appreciated to N1,500.80 per dollar.

After trading, the naira appreciated by 0.5 per cent, gaining N8.02 compared to the N1,514.86 quoted on Thursday at the Nigerian Foreign Exchange Market (NFEM), according to data published by the Central Bank of Nigeria (CBN).

In the parallel market, also known as the black market, the local currency strengthened by N15, closing at N1,520 on Monday, up from N1,535 last week.

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Guaranty Trust Bank (GTBank) quoted an exchange rate of N1,520 per dollar for international transactions on Monday, down from N1,533 per dollar on Thursday, a N13 appreciation.

Last week, the Nigerian Autonomous Foreign Exchange Market (NAFEM) reference rate appreciated by 6.59 per cent compared to the previous session, closing at N1,514.87/$1.

“We reiterate our expectation for the market rate to hover between N1,500/$ and N1,600/$, supported by increased confidence from foreign portfolio investors (FPIs),” analysts at Coronation Merchant Bank said.

The naira has maintained relative stability in the FX market, driven by increased dollar supply from FPIs. Total foreign exchange inflows into the Nigerian economy rose by 4 per cent quarter-on-quarter (q/q) and 26 per cent year-on-year (y/y) to $29 billion in Q1 2025.

While the CBN does not provide a detailed breakdown, data from the FMDQ Group used as a proxy indicates that FPI inflows surged by 4 per cent q/q and 101 per cent y/y to $4.9 billion, according to analysts at FBNQuest.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.