Naira-and-Dollars (2) (1).webp
The Naira appreciated to ₦1,586.49 per dollar at the official market on May 29, driven by renewed investor optimism following President Tinubu’s reform update during his second anniversary speech.
  • Naira gained ₦5.11 against the dollar at NAFEX, closing at ₦1,586.49/$1 from ₦1,591.60/$1.
  • Also strengthened against the Pound (₦2,140.67/£1) and the Euro (₦1,799.65/€1).
  • Tinubu cited FX market liberalisation and improved debt-to-revenue ratio as reform wins.
  • External reserves rose from $4bn in 2023 to $23bn by end-2024, per the President.
  • Inflation and borrowing costs remain key concerns, analysts warn.
  • Parallel market rate held steady at ₦1,625/$1.

While the President’s remarks fueled short-term currency confidence, structural challenges like inflation, low productivity, and reliance on imports remain. Analysts caution that lasting gains require more than FX tweaks; real sector stability and investor confidence will be critical.

The naira's modest gains signal market response to reform rhetoric, but the real test will be sustained policy execution as Nigeria’s macro pressures persist.