About our Naira news
Latest news on Nigerian Naira (NGN), tracking exchange rates, currency reforms, CBN policies and economic updates. Follow the latest on Nigeria's legal tender and forex market developments.
The Nigerian Naira, Africa's most-traded currency and legal tender of the continent's largest economy, plays a crucial role in West African trade and global forex markets. The Central Bank of Nigeria (CBN) manages the currency, which has faced significant challenges in recent years due to economic pressures and policy reforms.
In a landmark move in January 2024, the CBN implemented major foreign exchange reforms, consolidating multiple exchange rates into a single market-driven rate. This policy shift aims to boost transparency, attract foreign investment, and stabilise the currency after years of volatility. The reforms have sparked intense debate among economists, business leaders, and citizens about their effectiveness and impact on daily life.
The Naira's fluctuations deeply affect ordinary Nigerians, from market traders to small business owners. Local communities have developed innovative ways to cope with currency challenges, including the adoption of digital payment solutions and community banking initiatives. The currency's stability is intrinsically linked to the livelihood of over 200 million Nigerians who use it for daily transactions.
Since its introduction in 1973, replacing the Nigerian pound, the Naira has undergone several major reforms. Named after the River Niger, it once traded at parity with the US dollar in the 1980s. The currency has weathered multiple economic challenges, including the structural adjustment programmes of the 1980s and the oil price fluctuations that have significantly impacted Nigeria's export-dependent economy.
Our Â鶹´«Ã½ feed provides real-time updates on Naira exchange rates, CBN policies, and economic indicators affecting the currency. Whether you're an investor, business owner, or simply interested in Nigerian economic developments, our comprehensive coverage keeps you informed about this vital African currency through reliable news sources.