NAIRA STRENGTHENS BELOW N1,600/$1 ON CBN INTERVENTIONS, MARKET CONFIDENCE

June 26, 2025

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By Aishat Momoh. O.

The Nigerian naira continued its upward trajectory on Wednesday, trading below N1,600 per dollar in the parallel market, buoyed by sustained foreign exchange interventions by the Central Bank of Nigeria (CBN).

Market data showed that the naira appreciated to N1,590/$1, improving from the N1,595–N1,600/$1 range recorded on Tuesday. In the official Nigerian Foreign Exchange Market (NFEM), the local currency also firmed slightly to N1,549/$1 from N1,550/$1, according to CBN figures.

As of Thursday morning, the naira hovered around N1,560/$1 in the parallel market by 10:20 AM (WAT), reflecting continued market optimism.

Analysts attribute the naira’s resilience to a combination of the CBN’s targeted FX interventions, macroeconomic adjustments, and policies designed to attract foreign capital. These measures have begun to restore investor confidence in Nigeria’s capital market.

Experts forecast that if current policies remain consistent, the naira could sustain its relative stability in the medium term.