Naira Hits ₦1,455, Records Strongest 2025 Performance

The naira has made a strong comeback, closing at ₦1,455.23 per dollar on the official foreign exchange market.

 This marks a 1.36% gain from the ₦1,475.34 recorded on September 30, making it the currency’s strongest performance so far in 2025.

This is also the first time since May 2024 that the naira has traded in the ₦1,400 range, showing signs of renewed stability in the foreign exchange market.

Analysts credit the improvement to reforms by the Central Bank of Nigeria (CBN), especially the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. 

At the time of its launch, the naira was at ₦1,660 per dollar. 

The new system has since helped improve transparency and boosted confidence in the market.

In the parallel market, the naira also gained strength, closing at ₦1,480 per dollar, compared to ₦1,485 at the end of September.

 This is the best rate recorded in the unofficial market this year.

President Bola Tinubu, during his Independence Day speech on October 1, praised the recent progress.

 He stated that the naira had finally stabilised after the turbulence of 2023 and 2024, adding that the gap between the official and parallel market rates has reduced significantly due to reforms and new inflows of foreign capital.

Adding to the optimism, Abdul Samad Rabiu, chairman of BUA Group, predicted last month that the naira could strengthen further, possibly settling between ₦1,300 and ₦1,400 per dollar before the end of the year.

With these positive signs, many Nigerians and investors are watching closely to see if the naira can maintain its upward momentum in the coming months.