The Naira recorded a major boost on Monday, trading below ₦1,500 per dollar at the official foreign exchange market for the first time since February 2025.

According to data from the Central Bank of Nigeria (CBN), the local currency appreciated to ₦ 1,497.50/$1, an improvement from ₦ 1,501.50/$1 recorded last Friday. This shows a gain of ₦4.03 against the U.S. dollar within a single trading session.

At the parallel (black) market, however, the Naira remained steady at ₦1,537/$1, the same rate traders quoted over the weekend.

The last time the Naira traded below ₦1,500 at the official market was in February 2025, making this a significant milestone for the struggling currency.

This positive movement comes as Nigeria’s external reserves continue to rise, reaching $41.70 billion as of September 12, 2025 — a factor analysts say is helping strengthen market confidence.

For many Nigerians and businesses grappling with high import costs, the recent gain brings a glimmer of hope that the Naira could be on a gradual path to stability.