Naira records modest gains at the official market, raising questions on the sustainability of Nigeria’s economic reforms
The naira’s slight appreciation to N1,506.08/$ at the official market, its strongest level since March, underscores the delicate balancing act in Nigeria’s economic reforms.
While the currency has shown relative stability in recent weeks, analysts caution that the gains remain fragile without deeper structural changes.
At the parallel market, the naira held at N1,525/$, reflecting the persistent gap between official and street-level rates. This duality continues to expose underlying weaknesses such as dollar shortages, import dependence, and limited foreign inflows.
Finance Minister Wale Edun insists the government’s tough policy choices—fuel subsidy removal and exchange rate liberalisation, are “yielding positive results.” But beyond marginal FX improvements, the bigger issue is whether Nigerians will feel the impact in terms of lower inflation, job creation, and improved living standards.
The real test of reforms, critics argue, is not in market figures but in how quickly households and businesses experience relief.
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