Naira Strengthens to 1,365 per Dollar as Gains Extend

Nigeria's naira has strengthened to 1,365 per dollar on July 24, 2026, marking a remarkable recovery that has made it Africa's second-best performing currency in the first half of the year.

The currency has appreciated 5.8% on the official market so far in 2026, building on a 7.0% gain recorded in 2025, making it a rare sustained period of strength for the naira.

The Central Bank's active management and stronger dollar liquidity flowing into Nigeria are key factors behind the currency's recent gains, according to Bankole Oduanya, treasury chief dealer at Polaris Bank. He noted that the bank has been actively buying and selling dollars to keep the currency within a ₦1,350 to ₦1,390 range.

Nigeria's crude oil production has also increased, reaching 1.56 million barrels per day in June 2026, which is helping boost foreign currency inflows and external reserves, currently above $51.7 billion.