AfricanMarkets.com, a regional research hub, has recognized the Nigerian Naira as the third best-performing currency in Africa. This accolade comes as Nigeria experiences a significant surge in foreign investments, rising from $1.6 billion in 2023 to $2.1 billion this year.

The Central Bank of Nigeria (CBN) has played a pivotal role in this achievement through strategic measures that have propelled the Naira from its year-low position. Initiatives such as increasing interest rates and direct selling of dollars in foreign exchange markets have contributed to this positive trend.

Recent data from the FMDQ website indicates a remarkable resurgence of the Naira, marking a notable recovery from its decline beyond N1,500 earlier in the year. The currency closed at N1,255.07 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window at the close of trading on Thursday, April 4. In parallel, the Naira closed at N1,260 per dollar in the informal market.

This renewed strength of the Naira reflects positive economic indicators and investor confidence, positioning Nigeria’s currency as a standout performer on the continent.