The naira records its strongest performance against the US dollar since May 2024, with CBN Governor Yemi Cardoso expressing optimism over sustained FX market economic growth.

The Nigerian naira has strengthened against the US dollar and other major currencies, hitting its best performance in months.

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On Monday, February 9, the naira closed at N1,354.9 per dollar in the official market, improving from N1,384.5 the previous week. It also appreciated against the British pound while slightly weakening against the euro.

CBN Governor Olayemi Cardoso expressed optimism about the naira’s outlook, attributing its strength to monetary reforms, FX market normalization, and improved liquidity.

He highlighted that the gap between official and parallel market rates has narrowed to under 2%, easing pressure on businesses and travelers.

The apex bank is now buying foreign exchange, signaling growing market confidence.

Analysts expect the reforms, coupled with stronger external reserves and market-driven FX policies, to attract foreign investment and support Nigeria’s goal of a $1 trillion economy.

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The naira’s improved performance has also helped it exit Africa’s top 10 worst-performing currencies list, reflecting better FX liquidity and policy reforms.