Naira Soars Against US Dollar, Foreign Reserves Hit $45.61 Billion

Naira Soars Against US Dollar, Foreign Reserves Hit $45.61 Billion

The Nigerian naira has recorded a significant appreciation against the US dollar, strengthening to N1,419.07 per dollar on Tuesday. This represents a gain of N10.24 against the dollar compared to Monday’s rate of N1,429.3054. According to data from the Central Bank of Nigeria, this is the highest gain recorded since official currency trade began in 2026 .

The naira’s appreciation can be attributed to the country’s improving external reserves, which rose to $45.61 billion as of January 5, 2026, up from $45.57 billion recorded on January 2. This increase in foreign reserves has boosted confidence in the naira and contributed to its appreciation against the US dollar .

In the black market, the naira remained stable at N1,480 per dollar on Tuesday, the same rate traded on Monday. This stability in the black market rate suggests that the naira’s appreciation in the official market is having a positive impact on the overall foreign exchange market .

The naira’s recent appreciation and the increase in foreign reserves are positive indicators for the country’s economy. With the country’s external reserves projected to rise further, the naira is likely to remain stable against the US dollar in the coming weeks .