Naira gains 6.26% against the dollar in a year
By the AFREEQUE newsroom, based on Punch
The Nigerian currency, the naira, appreciated by 6.26% against the dollar between November 2025 and November 2026, reaching 1,346.79 nairas to the dollar on 6 November 2026, against 1,436.74 a year earlier. This rise comes amid foreign exchange reserves above $55 billion and stabilisation efforts by the Central Bank of Nigeria, according to Punch.
The Nigerian naira appreciated by 6.26% against the US dollar between November 2025 and November 2026, rising from 1,436.74 to 1,346.79 nairas to the dollar on 6 November. This rise represents a gain of 89.95 nairas per dollar, according to the Nigerian daily Punch.
This appreciation could reduce the import costs of raw materials, machinery, pharmaceutical products and other goods invoiced in foreign currencies. Companies with dollar-denominated debts could also benefit from a lower repayment cost in local currency. The impact on consumer prices will, however, depend on how quickly importers adjust their prices and on the stability of the naira.
The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, defended a market-determined exchange rate in July 2026. Speaking in Abuja, he said the institution favoured a transparent and liquid foreign exchange market, based on transactions between willing buyers and sellers. He also said the value of the naira should reflect economic fundamentals, including growth in oil and non-oil exports, foreign direct investment, domestic productivity and reduced dependence on imports. Cardoso said daily trading volume on the market could exceed one billion dollars.
