Naira Gains Ground at ₦1,514/$, Hits Near Five-Month High

The Nigerian currency, the naira, has recorded a major boost in value, trading at ₦1,514 to the U.S. dollar at the official market. This is its strongest performance in almost five months, giving households, businesses, and investors a sense of relief.

Analysts say the improvement is linked to a mix of factors, including higher foreign exchange inflows, tighter monetary policies from the Central Bank of Nigeria (CBN), and renewed investor confidence. The CBN has recently stepped up efforts to manage liquidity, attract more dollars into the economy, and reduce speculation around the naira.

For ordinary Nigerians, this upward movement could help slow down the rising cost of goods, especially imported items such as fuel, spare parts, and food products. However, experts caution that one good week does not mean the battle is over. The exchange rate is still fragile and depends on consistent supply of dollars and stronger economic reforms.

Economist Grace Adeniran told reporters that sustaining this momentum will require the government to “focus on building real productivity at home, not just relying on foreign inflows.”

The naira’s rebound is seen as a positive sign for Africa’s biggest economy, but the big test will be whether this stability can hold long enough to ease inflation and make life better for everyone.