The Nigerian naira extended its recent gains on Monday, strengthening to a four-month high against the US dollar to close at 1518/$ on the official market, the Nigerian Foreign Exchange Market.
Data from the Central Bank of Nigeria revealed that the naira gained 0.74 per cent to close at 1518/$ on Monday.
This marks the naira’s strongest performance since March 14, 2025, and the first time it traded below N1520/$ since that period, signalling a wave of positive momentum for the nation’s currency.
On March 14, the naira closed trading at 1517.93/$, a major strengthening from 1547.81/$ on the previous day.
It had declined by 0.11 per cent in the previous week to close at 1530.26/$ on Friday.
Analysts at Anchoria Limited in its market update have projected that the naira would trade within a stable range of 1515–1535/$ this week. Pegging their projection on improved FX liquidity and renewed CBN intervention, including last week’s $50m sale and a successful OMO auction that attracted foreign investor interest.
“These actions have helped ease demand pressures and boost market confidence, keeping volatility low,” Anchoria Limited said in a note.
“We expect the naira should stay stable, supported by CBN supply and exporter inflows, as upside pressure may arise from rising demand,” the statement added.
In the past week, the CBN conducted an OMO auction in the primary market, offering a total of N600bn across two tenors, 272-day and 363-day. Total subscriptions stood at N2.17tn, with the CBN allotting N1.25tn. The 272-day instrument recorded no sale, while the 363-day instrument settled at 21.99 per cent.
