Naira is 6.3% stronger against the dollar than a year ago
The currency closed at N1,346.79 on Friday, against N1,436.74 a year earlier, with reserves above $55bn.
Lagos — The naira has gained 6.26% against the US dollar over the past year. It traded at N1,346.79 to the dollar in the official market on Friday, 6 November, compared with N1,436.74 on the same date in 2025, a gain of N89.95, Punch reported.
On Friday itself the naira rose N1.95 against the dollar, from N1,348.74, according to Business Post. It also strengthened against the pound, to N1,803.63, and the euro, to N1,504.10. Turnover in the official market jumped to about US$233 million from US$82 million the day before.
Reserves above $55bn
Nigeria's foreign reserves stood at US$55.133 billion on 5 November, a buffer for external payments and for keeping the currency stable.
What it could mean
A stronger naira could cut the cost of imported raw materials, machinery and medicines, and lower the naira cost of dollar debts for manufacturers. How much of that reaches shoppers depends on how quickly importers adjust prices and whether the gains hold.
Central Bank Governor Olayemi Cardoso said in July that the naira should stay market-driven. "The naira's value has to be determined by economic fundamentals, including stronger oil and non-oil exports, increased foreign direct investment, improved domestic productivity and lower import dependence," he said.
Sources: Punch, Business Post, November 2026.
