Naira Strengthens Against Euro Below ₦1500 in Official Market

The naira has shown notable strength against the euro in Nigeria’s official foreign exchange market, dipping below the ₦1,500 mark for the first time since April 2024. According to Central Bank of Nigeria (CBN) data, the naira closed at ₦1,497 per euro on October 2, 2026, reflecting a significant improvement in its value as the euro weakened against the US dollar globally.

In the latest official market data, the naira traded at approximately ₦1,330 per US dollar, ₦1,510 per euro, and ₦1,767 per British pound. This stability against the dollar is attributed to ongoing foreign exchange reforms, improved liquidity, and better external earnings for Nigeria.

The naira’s gain against the euro is partly due to broader movements in the international forex market. As the euro declined against the US dollar, the naira’s value improved relative to the European currency, even as the dollar-naira exchange rate remained stable around ₦1,330.

Experts note that Nigeria’s foreign exchange reforms, tighter monetary policies, and increased transparency have helped reduce speculative activity and supported currency stability. However, the naira’s future outlook will depend on foreign exchange inflows, global currency trends, oil earnings, and the CBN’s monetary policies.