Nigeria’s naira has strengthened to its best level in over eight months, hitting about ₦1,394 to the US dollar on January 28.
This comes after three consecutive days of gains in the official foreign exchange market.
According to market data, the naira had previously traded at ₦1,409.50/$, meaning it has gained roughly ₦15.5 in just a few sessions. Experts said the improvement is being driven by Central Bank reforms to boost liquidity, alongside external reserves hovering around $46 billion.
Still, the official rally has not fully reflected on the parallel market, where the dollar is trading at ₦1,485–₦1,490, showing there’s still a gap between street and official rates.
Traders and analysts on social media are pointing to policy momentum, stronger FX inflows, and more supply from oil receipts, remittances, and portfolio flows as reasons for the gains. But they warn that keeping the naira at this level will need steady inflows and some macroeconomic stability in the coming weeks.
