Naira to dollar
By Olamilekan Abayomi
The Naira has started 2026 on a positive note, appreciating to N1,435.75 per dollar at the official market on the first trading day of the year. This marks a gain of N4.90, representing a 0.34% increase from the previous trading day’s rate of N1,430.84.
The currency’s performance is attributed to the Central Bank of Nigeria’s efforts to stabilize the exchange rate and improve transparency in the official window. The bank has been implementing measures to boost investor confidence and attract foreign capital.
The Naira has been strengthening gradually, with a 6.43% gain over the last 12 months, moving away from its historic low of N1,717.50 in late 2024. This trend is a welcome relief for businesses and individuals who have been struggling with the currency’s volatility.
The stable foreign reserves and steady oil production levels are also supporting the currency’s appreciation. Nigeria’s oil production has been relatively stable, providing a boost to the country’s revenue and foreign exchange earnings.
The appreciation of the Naira is expected to have a positive impact on the economy, making imports cheaper and potentially reducing inflation. However, it may also make exports more expensive, which could affect local industries.
