Naira Strengthens Against Euro to ₦1,577/€1

The Nigerian naira continued its upward trend against the euro on Thursday, closing at ₦1,577.3 per €1, according to data from the Central Bank of Nigeria (CBN).

This marks a notable gain for the local currency, reflecting a month-to-date improvement of about 4.6% in the official foreign exchange market. Since the start of the year, the naira has strengthened by roughly 6.4% at the official window, driven by increased foreign exchange inflows and targeted interventions by the CBN to support liquidity and stabilize rates. While the naira advanced against the euro and the British pound—trading at around ₦1,805/£1—it recorded a slight depreciation against the US dollar, exchanging at about ₦1,341/$1 in the Nigerian Autonomous Foreign Exchange (NAFEX) market. Despite gains in official channels, parallel (black) market rates remain higher, with the euro still trading above ₦1,600/€1, highlighting persistent gaps between official and street rates. Market analysts say the naira’s recent recovery is underpinned by increased dollar inflows and CBN interventions, alongside Nigeria’s rising external reserves, now above $48 billion, which provide more firepower to maintain currency stability.