The Naira began the week with a mild depreciation on Monday, trading at ₦1,448.43 per dollar at the official foreign exchange market.
Figures released by the Central Bank of Nigeria (CBN) show that the currency slipped by ₦1.69, representing a 0.1% decline from the ₦1,446.74/$ recorded on Friday, Nov. 28.
Despite the dip, analysts described the movement as a normal market adjustment, noting that the Naira has remained significantly more stable compared to the intense fluctuations witnessed in previous months.
They added that recent FX reforms have improved predictability in the market, boosting investor confidence.
CBN Governor Olayemi Cardoso, speaking at the 2025 60th Annual Bankers’ Dinner in Lagos, said the stability of the Naira reflects ongoing reforms aimed at sanitising the FX ecosystem.
According to him, the Bank has reduced opacity, curbed manipulation, and restored discipline to create a more transparent and efficient foreign exchange environment.
Cardoso noted that the gap between the official and parallel market rates has now dropped to below 2%, a significant improvement from gaps as wide as 60% in the past.
He stressed that maintaining current momentum will require sustained reforms and consistent policy actions, which he said are essential to strengthening investor confidence and supporting Nigeria’s broader economic growth goals.