Naira Soars 6-month High At N1,506 To 1$

The worth of the Naira has deed a six-month precocious astatine the opening of trading activities connected Monday, closing astatine N1,506.84 to 1 US dollar, the highest it has been since March 5, 2025.

Analysts had expressed optimism connected the Naira, arsenic it appreciated past week connected some the authoritative and parallel markets. At the adjacent of trading connected Monday, the Naira had appreciated by 0.56 per cent oregon N8.02 from N1514.86, which it sold to the dollar astatine the authoritative extremity of the marketplace past week.

This is the strongest the Naira had been astatine the authoritative extremity of the marketplace since March 5, 2025, erstwhile it sold astatine N1,500.8 to the dollar astatine the parallel market, Naira further strengthened appreciating to N1,527 to the dollar its highest level successful implicit a month.

Last week, the worth of the Naira had closed astatine N1,530 to the dollar. This was an betterment from N1,539 to the dollar, which it sold astatine the opening of trading activities for September and past week. It had appreciated somewhat to N1,538 connected Wednesday, earlier its further summation to N1,535 and N1,530 connected Friday.

According to analysts, the worth of the naira was expected to stay unchangeable connected a affirmative enactment connected the backdrop of improved capitalist assurance successful the Nigerian economy. Analsysts astatine Cordros Research, successful an emailed note, said they expected Naira stableness to persist connected the backmost of resilient forex marketplace liquidity.

“Renewed superior inflows should beryllium supported by the anticipated Fed complaint chopped and broader easing successful planetary yields, which would heighten capitalist appetite for naira assets. Concurrently, improving non-oil export receipts and diminished incentives for speculative positioning successful the naira are apt to prolong the momentum of home inflows,” they stated.