Nigeria's Naira Emerges Competitive as Economy Grows

The Naira's competitiveness is driving Nigeria's economic restructuring. With a stable and appreciating currency, the country is better equipped to face global challenges.

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2025 October 15 . 4:03 PM

1 min read

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Nigeria's Naira Emerges Competitive as Economy Grows

Nigeria's economy is demonstrating resilience and growth, with the Naira emerging as a competitive currency in Africa. Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), attributes this to proactive measures and economic reforms.

The Naira's competitiveness has led to a positive balance of trade, with a surplus expected to reach six percent of Africa's GDP. This is a significant turnaround, with the Naira appreciating consistently since September 2025. On September 30, it closed at N1,478/$1, a notable improvement from the opening rate of N1,527.9/$1.

Growing investor confidence and monetary policy adjustments have contributed to this stability. The Naira has been stable since September, with a closing rate below N1,500/$1 since September 15. As of October 15, 2025, the exchange rate stands at approximately 1 USD = 1,493 NGN.

Cardoso also notes that the G24 group, under Argentina's leadership, has increased its influence within the Bretton Woods institutions. This influence, coupled with Nigeria's economic restructuring, is expected to further boost the Naira's competitiveness in Africa.

The Naira's competitiveness is driving Nigeria's economic restructuring, encouraging domestic production and discouraging imports. With a stable and appreciating currency, Nigeria is better equipped to weather global economic shocks. The CBN's proactive measures and economic reforms have played a significant role in this achievement.