Reporting by The Nation indicates that the Nigerian Naira has appreciated by approximately 6.87 percent against the US dollar, stabilizing at N1,436.31. This recovery is attributed to the Central Bank of Nigeria’s (CBN) aggressive monetary tightening and the successful implementation of the Nigerian Foreign Exchange Code, which has boosted market transparency.
The currency’s performance marks a significant departure from the severe volatility witnessed in previous years. Analysts suggest that improved liquidity and the unification of exchange rate windows have reduced speculative pressure, leading to a more predictable environment for importers and local manufacturers.
Billionaire industrialist Aliko Dangote has further bolstered optimism by projecting that the Naira could strengthen to as high as N1,100 per dollar within the year. This sentiment follows the federal government’s launch of the National Industrial Policy 2025, aimed at reducing import dependence through local refining.
The development was corroborated by BusinessDay, which reported that “improved FX liquidity conditions have anchored inflation expectations,” and PwC Strategy, which stated, “the exchange rate is projected to stabilize in 2026 on the back of CBN reforms.”
Echotitbits take: Currency stability is the “Holy Grail” for Tinubu’s economic team. While the appreciation is a win, the high interest rate (MPR at 27%) remains a double-edged sword that could stifle local credit for small businesses if maintained too long.
Source: The Cable – https://www.thecable.ng/naira-gains-at-official-market-trades-at-n1421/, March 15, 2026
Photo credit: The Cable
