What has caused the naira to gain against the dollar recently, and is it as good as people make it sound?

Updated June 9, 2025 • 1-min read

Posted by Anonymous

Jun 8, 2025

1 answer

nairadollarcurrenciesNigeriaexchange rates

1 Answer

9

Posted by Anonymous - Jun 8, 2025

Honestly, I get why people are buzzing about the naira gains against the dollar, but I think there’s more to it than just good news. The naira went from 1,585.50 to 1,553.12 per dollar in one week, which is a gain of like N32.38. That's cool on paper, and I've seen everyone on Twitter shouting about how the government finally fixed it. But honestly, from what I’ve read, some experts say the naira is still way undervalued, like 26% off. It's just that the Central Bank made some new reforms, so things are looking a bit more stable for now.

What people don’t talk about much is that, yeah, it got stronger, but a year ago the naira was doing way better against the dollar. Even now, importing stuff still costs a ton and prices in stores aren't really coming down for normal people. I think getting excited about these gains is fine, but expecting miracles overnight is just setting yourself up for disappointment. Stability is good, but it doesn’t mean everything’s fixed. I’m keeping my hopes realistic but still rooting for more gains, to be honest.

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