The naira appreciated to N1,400.47 against the dollar at the official section of the foreign exchange (FX) market on Wednesday.
Data from the Nigerian foreign exchange market (NFEM) — the country’s official market — revealed that the local currency gained N0.75 or 0.05 percent from the N1,401.22 per dollar recorded on January 27.
This marks the first time the exchange rate has hit the N1,400 level since May 2024.
The latest rate reflects the naira’s strongest performance since the Central Bank of Nigeria (CBN) introduced the electronic foreign exchange matching system (EFEMS).
Official market data also showed that the naira maintained its rally, moving from N1,418.95 on January 26 to N1,401.22 on January 27.
Meanwhile, at the parallel market, the naira appreciated to N1,470 per dollar — the strongest level since December 1, 2025.
The naira held steady at N1,490 per dollar on January 26, and remained at that level until January 27, before appreciating to N1,470 on January 28.
In his New Year address, President Bola Tinubu highlighted that Nigeria’s foreign reserves have helped shield the naira from external shocks and are expected to improve further in 2026.
“We expect this position to strengthen further in the new year,” he said.
As of January 22, Nigeria’s FX reserves had risen to $46 billion, the highest level in nearly eight years.