Naira Surges as Nigeria’s Foreign Reserves Hit Three-Year High
Written by SpringNewsNG Media Limited – April 2, 2025
Nigeria’s naira surged against the U.S. dollar on Wednesday, marking its most significant appreciation in two weeks, following the Cenhttp://Central Bank of Nigeria’s (CBN)tral Bank of Nigeria’s (CBN) announcement that net foreign-exchange reserves had climbed to their highest level in over three years.
As of 11:15 a.m. in Lagos, the naira appreciated by 0.6% to 1,530 per dollar in spot trading on BMAT, as tracked by Bloomberg. This marks the strongest exchange rate in nearly a month and the most substantial gain since March 18.
According to an emailed statement from the CBN, net foreign-currency reserves rose almost sixfold over the past year, reaching $23 billion by December. This significant improvement follows the central bank’s efforts to curb liabilities, including foreign-exchange swaps and forward obligations, to restore investor confidence in the Nigerian market.
This is the first time the CBN has disclosed such figures since 2023, when concerns arose regarding Nigeria’s external reserves position. At that time, the central bank revealed substantial transactions with global financial institutions such as JPMorgan Chase & Co. and Goldman Sachs Group. The publication of the latest figures aims to demonstrate the progress made in stabilizing the nation’s forhttp://JPMorgan Chase & Co. and Goldman Sachs Group.eign-exchange market.
Analysts believe that the strengthening of the naira and the rise in reserves signal a renewed effort by Nigerian authorities to reinforce macroeconomic stability. As investor confidence gradually returns, the CBN’s policies will likely continue shaping the trajectory of the naira in the coming months.
