Naira Climbs to ₦1,380/$ as FX Supply Improves

Nigeria’s currency, the Nigerian naira, is showing fresh signs of recovery in the parallel market, strengthening to around ₦1,380 per dollar amid improved foreign exchange inflows and calmer demand pressures.

Across key trading centres such as Lagos and Abuja, the naira traded within the ₦1,380–₦1,390 band, marking a steady rebound from recent volatility. The movement reflects growing confidence among traders, as liquidity conditions begin to stabilise after months of persistent strain.

Analysts attribute the currency’s upward push to a combination of increased dollar supply and a slowdown in speculative hoarding, factors that had previously driven sharp swings in the market. The ₦1,380 mark is now emerging as a key support level, suggesting the naira may be finding a short-term floor.

At the official window, the currency has also held relatively firm, backed by ongoing policy adjustments from the Central Bank of Nigeria. Efforts to unify exchange rates, improve transparency, and boost FX inflows are gradually narrowing the gap between official and parallel market rates.

Stronger liquidity across both segments has helped align pricing more closely, a development seen as a positive signal for broader market stability. However, experts warn that sustaining this momentum will depend heavily on consistent foreign exchange inflows, reduced import dependence, and disciplined monetary management.

While challenges remain, the latest gains point to a cautious return of confidence in the naira, raising hopes that the worst phase of its recent instability may be easing.