Naira up about 6% against the dollar in a year as reserves reach $55bn

The naira has gained ground against the US dollar over the past year, according to official exchange rate data.
The figures
The naira traded at about ₦1,346.79 to the dollar on 6 November 2026, compared with ₦1,436.74 on the same date in 2025, a gain of about ₦90, or 6.26 per cent, according to reports on Monday, 9 November. Nigeria's external reserves have risen to about $55.13 billion.
Why it matters
A stronger naira could reduce the cost of imported raw materials, machinery, medicines and other goods priced in foreign currency. However, how quickly that feeds through to lower prices for consumers depends on businesses passing on the savings.
Background
The naira lost much of its value after the government unified the exchange rate in 2023, when the official rate was about ₦461 to the dollar. The Central Bank of Nigeria has since taken steps to stabilise the foreign exchange market and improve dollar supply. The naira's performance has become a campaign issue: President Bola Tinubu said last week that it would have become worthless without his reforms, while the campaign of APM candidate Seyi Makinde said the President could not claim credit for a recovery after policies that weakened it.
- The naira gained about ₦90 against the dollar in a year.
- Reserves are about $55.1 billion.
- The naira's value has become a campaign issue.
