‎Naira Surges to ₦1,372.91/$ in Official Market as CBN Steps Back
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‎The naira on Tuesday surged to a record high of ₦1,372.91 per dollar in the official foreign exchange (FX) market, marking a significant milestone in Nigeria’s currency trajectory.

The rally occurred without intervention from the Central Bank of Nigeria (CBN), underscoring a shift towards a more market-driven exchange rate framework.
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‎Market analysts noted that the apex bank has refrained from contributing to dollar inflows in recent weeks, allowing supply and demand forces to dictate pricing. The development signals a departure from the CBN’s traditional role of stabilizing the naira through direct interventions.
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‎Experts say the move could bolster investor confidence in Nigeria’s FX market, as transparency and reduced reliance on artificial support may attract more foreign participation.

However, concerns remain about the sustainability of the naira’s strength amid persistent demand pressures and limited dollar liquidity.
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‎The record appreciation comes at a time when Nigeria is seeking to restore credibility in its monetary policy and attract foreign investment. Whether the naira can maintain this momentum will depend on broader economic fundamentals, including oil revenues, capital inflows, and fiscal discipline.