The naira strengthened by 6.26 per cent against the United States dollar over the past year, reflecting an improvement in its exchange rate between November 2025 and November 2026.
The currency appreciated to N1,346.79 per dollar on 6 November, 2026, from N1,436.74 recorded on the corresponding date in 2025, representing a gain of N89.95 against the greenback.
The latest exchange rate indicates that the naira has recovered some ground against the dollar over the 12-month period, potentially easing foreign exchange costs for businesses and consumers dependent on imported goods and services.
The appreciation comes amid efforts by the Central Bank of Nigeria to stabilise the FX market, improve dollar availability and strengthen confidence in the domestic currency.
A stronger naira could reduce the cost of importing raw materials, machinery, pharmaceuticals and other products priced in foreign currencies, potentially easing pressure on businesses and consumers.
However, the extent to which the exchange rate improvement translates into lower prices will depend on how quickly importers adjust their prices and whether the currency maintains its gains.
For manufacturers and other businesses with significant foreign currency obligations, the appreciation could reduce the naira cost of servicing dollar-denominated liabilities.
