Naira Posted Its First Annual Gain In 13 Years

Naira Posted Its First Annual Gain In 13 Years

Nigeria’s currency the naira ended year 2025 on a positive note, notching its first annual appreciation in the last 13 years.

On 31 December 2025, the currency closed ₦1,429 per dollar, which represents 7.4% gain over the year, according to data from the Central Bank of Nigeria (CBN).

It was the naira’s first yearly appreciation since 2012; the currency had suffered 13 consecutive years of depreciation driven by import dependence, forex shortages and persistent market imbalance.

Analysts have credited the turnaround to the foreign exchange market reforms started by the Central Bank in 2024 under Governor Yemi Cardoso.

The intiatives narrowed the gap between official and parallel market rates to below 5%, bridled speculation and improved price transparency.