Naira Gains Ground Against Dollar as New Week Begins
Atume Terfa
The Nigerian naira kicked off the new week with a fresh surge of confidence, firming up against the U.S. dollar in the official foreign-exchange market. By Monday’s close, the currency traded at ₦1,453.84 per dollar, strengthening from ₦1,456.72 recorded at the end of the previous week — a modest but notable gain of ₦2.88, or 0.19%.
Analysts say the uptick is fueled by a mix of anticipation, improved sentiment and shifting economic indicators. A major driver is the upcoming Central Bank of Nigeria (CBN) Monetary Policy Committee meeting, slated for November 24–25, 2025, which has traders and investors on edge. With inflation gradually cooling and external reserves showing healthier figures, many expect the CBN to lean toward policies that reinforce currency stability — a possibility that has boosted confidence in the naira.
This latest rise is also part of a broader trend. In recent months, the naira has quietly regained strength, at some point trading around ₦1,458/$1 in October, one of its strongest positions in over a year. Market watchers credit this to improved FX inflows, stronger investor confidence, and strategic CBN interventions aimed at curbing speculation and increasing transparency within the market.
Yet, behind the encouraging movement are lingering challenges. Despite its current lift, the naira still faces structural liquidity pressures, rising external payment obligations and persistent demand for foreign currency. These realities were reflected in another recent closing figure of ₦1,465/$1, showing that while the currency is gaining ground, the progress remains fragile.
In summary, the naira’s latest appreciation sets a hopeful tone for the week, bolstered by improved economic signals and expectations surrounding CBN policy direction. Still, economists warn that sustained stability will depend on consistent FX supply, stronger economic fundamentals, and favourable global financial conditions.
