Naira records first annual gain in 13 years, closes 2025 at ₦1,429/$

By Aminu Umar Turaki.

The naira, ended 2025 on a stronger note, closing at ₦1,429 to the US dollar on December 31, according to official data from the Central Bank of Nigeria (CBN).

This represents a 7.4% appreciation compared to the ₦1,535/$1 recorded at the close of 2024, marking the naira’s first full-year gain since 2012. It also ends 13 consecutive years of annual depreciation, making 2025 a turnaround for the currency.

CBN data show that the naira experienced volatility during the year, with its weakest point recorded in April 2025, when it fell to ₦1,602/$1. However, a steady recovery began from May and gathered momentum in the second half of the year.
The naira opened the year at ₦1,538.50/$1 in January.

It traded relatively flat in February before falling in March and April.
From May through June, the currency began to recover.

September marked a turning point, with the naira trading below ₦1,500/$1 for most of the month. The rally continued into October, dipped slightly in November, and strengthened again in December to close the year at ₦1,429/$1.

Analysts attribute the improved performance of the naira to foreign exchange reforms introduced by the Central Bank of Nigeria in 2024, alongside tighter monetary policies and improved FX inflows. This development has reduced trading and improved price transparency in the FX market.