Naira Strengthens to N1,347 per Dollar on P2P Platforms

The naira strengthened sharply against the U.S. dollar on peer-to-peer trading platforms, exchanging around N1,346–N1,347 per $1 on Thursday. The move marks a major shift from the N1,700+ levels recorded at different points in late 2024 and early 2026.

Market watchers link the improved sentiment to recent Central Bank reforms under Governor Olayemi Cardoso, including efforts to strengthen reserves, tighten key policies, and stabilise the broader FX environment. Supporters of the turnaround also point to softer January inflation data as another factor calming nerves and reducing panic-driven demand for dollars.

The ripple effects are already showing in other currencies, with some users celebrating that the Canadian dollar has reportedly dipped below N1,000 on the same platforms.

Still, many Nigerians remain cautious, arguing that a stronger naira does not automatically translate to cheaper food, transport, and household essentials, because local prices often adjust slowly.

Others also worry about how sustained gains could affect remittances and small businesses that depend on foreign currency inflows.

Looking ahead, analysts say increased local supply of petroleum products, especially as the Dangote Refinery ramps up, could support stability by reducing import pressure and easing demand for dollars, but they stress that broader price relief will depend on how quickly the stronger currency filters into real-life costs.