The Nigerian naira remained supported against the euro last week, settling at N1,576 to the euro according to the latest Central Bank of Nigeria data. This compared with N1,573 in the previous week.

The exchange rate had reached nearly N1,774 to the euro in January 2026 before pulling back to a multi-month low of N1,555. Since early July, the EUR/NGN pair has traded in a tight range between about N1,561 and N1,576.7.

Analysts attribute the relative stability to high levels of CBN intervention and liquidity injection into the foreign exchange market. These measures have helped minimise sharp volatility at official rates.

The apex bank has also introduced structural, regulatory, and monetary policy changes aimed at reducing volatility and increasing market liquidity.

These include adjustments to import payment requirements and simplified procedures for self-funded domiciliary accounts.

Overall, the reforms appear to be supporting greater steadiness in the naira’s performance against the euro. Market observers continue to monitor the impact of these policies on broader foreign exchange conditions.

Photo credit: Nigerian Tribune