Naira Reaches New Low Against Euro
The naira has continued to strengthen against the euro, appreciating to N1,557 per euro at the official foreign exchange market. This marks an improvement from N1,570/€1 recorded in the previous trading session.
The latest appreciation extends the naira's recovery against the European currency, with the EUR/NGN exchange rate retreating sharply from its January 2026 peak of about N1,774/€1 to around N1,555/€1, its lowest level in several months. Since July, the euro-naira exchange rate has traded within a relatively narrow band of N1,561/€1 to N1,576.7/€1.
The Central Bank of Nigeria's (CBN) tight monetary policy is attributed to have helped attract portfolio inflows while moderating pressure on the domestic currency. The CBN's decision to maintain elevated interest rates has supported investor confidence and contributed to a more orderly depreciation path for the naira despite persistent external risks.