Naira Ranks as Africa’s Second-Best Performing Currency Year-to-Date

The Nigerian naira has strengthened by nearly 7% against the US dollar this year, making it the second-best performing currency in Africa. Only the Zambian kwacha outpaced the naira with a 17.7% gain over the same period. At about ₦1,353 per dollar, the naira’s rise reflects active Central Bank interventions, including dollar sales to bureaux de change and tighter foreign exchange rules. Stronger oil and non-oil export inflows and growing foreign investor demand for Nigerian debt have bolstered forex reserves. Recent policy reforms to improve liquidity and curb volatility have also supported this recovery. Rankings can shift monthly; a late-April report from United Capital even placed the naira at the top with a 6.7% year-to-date gain.

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