- Naira strengthens to near government’s 2026 target
- Rising reserves and FX reforms boost market confidence
ABUJA, NIGERIA — Nigeria’s naira strengthened sharply against the US dollar last week, buoyed by rising foreign reserves and improved confidence in Africa’s largest economy’s foreign exchange market.
The naira opened at N1,400.48 to the dollar, just N0.48 shy of the government’s 2026 target exchange rate, and closed at N1,396.99. That marked a 3.38% appreciation from its closing level of N1,444.22 per dollar at the end of last year and the currency’s strongest showing since May 2024.
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