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Naira hits strongest level since EFEMS launch, gains N17.73

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Naira

Naira rises to N1,401 per dollar at official FX market, marking strongest level since EFEMS launch amid improved liquidity and growing investor confidence

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Nigeria’s currency has strengthened to its highest level since the introduction of the new Electronic Foreign Exchange Matching System (EFEMS), reflecting improved liquidity and growing investor confidence.

Also read:  Naira Edges Lower Amid Midweek Forex Market Activity

At the Nigerian Foreign Exchange Market (NFEM) on Tuesday, the naira appreciated to N1,401.22 per dollar, up 1.26 per cent or N17.73 from Monday’s N1,418.95, according to Central Bank of Nigeria (CBN) data.

Trading activity indicated heightened demand at the stronger end of the market, with bids submitted as high as N1,400 per dollar, signalling increased willingness among participants to transact at firmer rates.

Meanwhile, the parallel market remained stable at N1,485 per dollar, suggesting reduced arbitrage pressures.

The currency’s strength has been supported by rising external reserves, which reached $46.03 billion as reflecting steady foreign inflows and improved sentiment around Nigeria’s external position.

Tilewa Adebajo, CEO of CFG Advisory, said the naira is likely to trade within a range of N1,400 to N1,500 per dollar this year, citing rising foreign capital inflows, stronger diaspora remittances, and reforms in the oil and gas sector as key stabilising factors.

The Nigerian Economic Summit Group (NESG) also forecasts the naira at around N1,480 per dollar in 2026, projecting external reserves could rise to $52 billion over the same period, supported by ongoing reforms and sustained stabilisation measures.

CBN projections align with these expectations, estimating an average exchange rate of N1,451.63 per dollar at the NFEM in the fourth quarter of 2025, with further moderation towards N1,400 in 2026.

The apex bank attributes the outlook to improved FX market efficiency, stronger capital inflows, a current account surplus, and broader economic recovery.

Since its full rollout the EFEMS platform has enhanced transparency, tightened price alignment, and improved confidence in the naira, according to market participants.

Also read: Naira Edges Up Amid Volatility, Offers Sliver of Relief

Analysts credit these structural reforms with supporting the currency’s recent gains and fostering stability in Nigeria’s official FX market.

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CAN Demands Urgent Investigation into Video Threatening Christians

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CAN demands a probe of a viral video threatening Christians in Enugu and Jos, urging security agencies to identify those involved and ensure accountability (more…)

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NSCDC Panel Finds 37 Miners Died of Suffocation

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An investigative panel says 37 miners died of suffocation in NSCDC custody in Niger State and recommends compensation and disciplinary action (more…)

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Tinubu Knows Food Prices, Presidential Aide Says Amid Hardship

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Tinubu food prices are monitored through regular briefings, presidential aide Abiodun Essiet says, as Nigerians continue to face cost-of-living pressures

President Bola Tinubu is aware of the prices of everyday food items, including eggs and bread, and receives regular briefings on the economic challenges facing Nigerians, the Senior Special Assistant to the President on Community Engagement for the North-Central region, Dr Abiodun Essiet, has said.

Also read:FG Urges Investment in Youth, SMEs and Local Industries to Grow Economy

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Essiet made the remarks while speaking to State House correspondents at the Presidential Villa in Abuja on Tuesday, dismissing suggestions that journalists were the only people who understood the hardship experienced by ordinary Nigerians.

She also serves as the President’s representative for the North Central Citizens’ Assembly.

“I don’t feel it’s only media people who understand what the people are facing. Some of the reality of what our people are facing is what we are communicating to Mr President,” she said.

Essiet added that the President and members of the Federal Executive Council were regularly informed about the cost of basic commodities and the challenges confronting households.

“I usually tell people, you think Mr President doesn’t know the price of egg or bread in the market? He does, because we brief him regularly, and so do members of the Federal Executive Council,” she said.

The presidential aide also highlighted infrastructure development as a key component of the administration’s agenda, citing public reactions during a visit to a section of the Mokwa-Bida road in Niger State.

According to her, residents turned out in large numbers during the visit because of longstanding concerns about the condition of the road and calls for its rehabilitation.

“Yes, infrastructure is the bedrock of any development. When we went to the Mokwa-Bida road, come and see the crowd, because that is the road that people have been calling for Mr President to address,” she said.

Essiet claimed that the road had last been awarded for construction 46 years ago and highlighted the dangers motorists and other road users faced while navigating the route.

“Do you know how many people have died trying to manoeuvre that road? Trailers have had accidents trying to manoeuvre that road,” she added.

She said Tinubu had directed that the road be reconstructed using reinforced concrete rather than conventional asphalt, with the aim of improving its durability.

“Mr President said they should award the contract and make sure that the contract will be reinforced concrete, not just asphalt,” Essiet stated.

Her comments come amid continued public concern over food affordability and the cost of living.

On October 19, Vice President Kashim Shettima expressed optimism that food prices would decline in the coming weeks as the administration responds to challenges affecting agriculture.

Shettima made the statement at a forum titled “Together till 2027: An Evening with Original City Boy”, organised by the City Boy Movement alongside the Relax-Tinubu-Is-Fixing-Nigeria movement, groups supporting the President’s re-election bid.

Also read:FG Urges Investment in Youth, SMEs and Local Industries to Grow Economy

Essiet was appointed Senior Special Assistant to the President on Community Engagement for the North-Central region in 2024.

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