Naira Strengthens Against Euro Below N1,500 Mark

The Nigerian naira has shown a notable improvement against the euro, closing below the N1,500 mark for the first time since April 2024. According to the Central Bank of Nigeria, the naira ended at N1,497 to one euro, a significant recovery from its previous decline. This shift marks a positive turn for the local currency, which had weakened considerably following the foreign exchange reforms and devaluation earlier in 2024.

The naira’s recent strength against the euro is partly due to global foreign exchange movements. The euro has weakened against the US dollar, hitting its lowest level since May 2025. Since the naira has remained stable against the dollar, the euro’s decline has translated into gains for the Nigerian currency in euro terms. Additionally, the naira has maintained a narrow range against the dollar in the official market, supported by better liquidity and measures from the Central Bank of Nigeria to stabilize the forex market.

The appreciation of the naira comes amid efforts to improve foreign exchange stability and increase dollar liquidity in Nigeria. The gap between official and parallel market rates has also narrowed, reducing arbitrage opportunities. This development benefits Nigerians and businesses involved in euro-denominated transactions, such as imports and travel. However, the forex market remains sensitive to global economic changes and domestic policies.