The Naira opens steady at ₦1,419 per dollar, strengthened by government reforms, Central Bank measures, and growing investor confidence
Nigeria’s currency opened on a steady note Tuesday as investors and traders absorbed government projections targeting economic consolidation and a 4.68 percent growth rate for 2026.
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In early trading, the Nigerian Foreign Exchange Market reflected calm sentiment, with the Naira opening at ₦1,419.37 per dollar.
By mid-morning, it had strengthened slightly to ₦1,417.53, a modest 0.13 percent appreciation, signalling stability in the official market window.
Analysts attribute the steady performance to improved transparency and reporting by the Central Bank, particularly on external debt management and liquidity.
Officials note that reforms have contributed to a revaluation of the Naira, helping stabilise the debt-to-GDP ratio a move seen as positive for foreign investors and local manufacturers.
In contrast, the parallel foreign exchange market continues to trade at a premium.
In cities such as Lagos, Abuja, and Kano, the dollar changes hands between ₦1,465 and ₦1,480. Currency traders report that supply is meeting demand, and speculative activity remains subdued, narrowing the gap with the official rate.
Economists caution that the Naira’s sustained stability will depend on consistent policy implementation, improved foreign inflows, and continued reform momentum.
Global oil prices, given Nigeria’s reliance on petroleum exports, are also expected to influence the currency’s trajectory.
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For now, the Naira appears resilient, supported by a combination of Central Bank intervention, government reforms, and stabilising market expectations.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
