Nigeria’s Naira Breaks Below N1,500 Against the Euro
NIGERIA · CURRENCY
Key Facts
- —The country Nigeria is a West African oil producer whose currency, the naira, trades in an official market overseen by the central bank.
- —What happened Nigeria’s naira closed at N1,496.19 per euro on Friday 2 October, its strongest official level in more than two years.
- —The real story The naira barely moved against the US dollar; the euro’s slide against the dollar did most of the work.
- —How big a move A euro buys about 11% fewer naira than at the end of 2025, when the rate was N1,687.29 per euro.
- —The catch Street dealers still price the dollar about 3% to 4.5% above the official rate of roughly N1,330 per dollar.
- —What it means for you Euro bills now cost Nigerians fewer naira, while dollar investors have seen a steady naira since early September.
Nigeria’s naira has broken below N1,500 against the euro for the first time in more than two years. The Central Bank of Nigeria (CBN) set its official central rate at N1,496.19 per euro on Friday 2 October 2026.
The final step below that line came from a weaker euro, not a stronger naira. The Nigerian business site Nairametrics reported the break on Monday 5 October, citing CBN data.
A Weaker Euro Did Most of the Work
In Nigeria’s official currency market, the naira trades mainly against the US dollar. Its euro rate is a cross rate, worked out from what each currency is worth in dollars.
Between Wednesday 30 September and Friday 2 October, the CBN’s dollar rate only edged from 1,328.66 to 1,329.60 naira per dollar. The euro rate fell almost 0.9%, from 1,509.49 to 1,496.19 naira per euro.
The European Central Bank’s reference rate put the euro at US$1.1225 on 2 October, its lowest since May 2025. In Asian trading on Monday 5 October, the euro fell 0.8% to US$1.1161, Nairametrics reported.
The outlet linked the euro’s slide to investor worries about political and fiscal instability in the eurozone, notably in France and Spain.
How Far Nigeria’s Naira Has Come Since 2023
For most of 2023, the official rate stayed below 1,000 naira per euro. It rose above 1,500 naira per euro in February 2024, after a sharp devaluation of the naira.
The rate peaked near 1,868 naira per euro on 25 September 2024, according to CBN data. At the end of 2025, it still stood at 1,687.29 naira per euro.
By 2 October 2026, a euro bought about 11% fewer naira than at the end of 2025. Nigeria’s naira also firmed against the dollar, from N1,435.26 per dollar to N1,329.60 per dollar.
So the euro break reflects two trends: a firmer naira across 2026 and a weaker euro against the dollar.
What Nairametrics Says Is Supporting the Naira
Nairametrics said more fuel refining at home, notably at the Dangote Refinery, means Nigeria spends fewer dollars on imported petroleum products. That helps conserve its foreign reserves.
It also cited strong farm exports and high crude oil prices, which it said support Nigeria’s foreign-currency surplus with the eurozone.
CBN reforms, tighter monetary policy and more transparent official trading windows have curbed speculative demand for dollars, according to the outlet. It said CBN liquidity injections and stable reserves kept the naira in a narrow band.
It put the band at about 1,327 to 1,330 naira per US dollar in the official Nigerian Foreign Exchange Market (NFEM).
CBN data show gross external reserves of US$54.93 billion on 30 September 2026, up from US$45.50 billion at the end of 2025. The central bank’s other tools, including short-term bill auctions, are covered in Nigeria’s CBN Absorbs US$13.2bn in September OMO Bills.
The Street Rate Still Sits Above the Official Rate
Outside the official window sits the parallel market, Nigeria’s informal street trade in dollars. There, the dollar has mostly traded between 1,370 and 1,390 naira per dollar, Nairametrics said.
That is roughly 3% to 4.5% above the official rate on 2 October. Nairametrics said the gap is narrowing, which makes prices clearer and cuts the profit from trading between the two markets.
What It Means for US Readers
For American investors in Nigerian stocks or bonds, the dollar rate matters more than the euro rate. On that measure, Nigeria’s naira has been steady since early September.
Over 2026, a dollar has come to buy about 7% fewer naira. That raises the dollar value of naira holdings, all else being equal.
For travellers, the official rate on 2 October was about 1,330 naira per US dollar, with street dealers offering somewhat more. Nigerian firms paying euro invoices need fewer naira per euro than at any point in more than two years.
The move does not mean the naira has strengthened sharply in recent days. Against the dollar it barely moved; the change came from the euro.
What Is Not Known
Whether the rate stays under N1,500 per euro depends heavily on the euro’s next moves against the dollar. Those hinge on European politics and markets, which lie outside Nigeria’s control.
Nairametrics credited recent CBN liquidity injections with keeping the market steady, but their size is unclear.
It is also unclear whether the narrowing gap between the official and street rates will last. Nigeria’s naira lost much of its value in 2023 and 2024, when the euro rate rose above 1,800 naira per euro.
What Comes Next
The CBN publishes official exchange rates and reserve figures each business day on its website. The next fixings will show whether the euro’s latest fall in Asian trading pushes the rate lower.
More: Nigeria news in English, every day from The Rio Times.
What is the naira’s exchange rate against the euro?
The Central Bank of Nigeria’s official central rate was N1,496.19 per euro on Friday 2 October 2026. That rate had not been below N1,500 per euro in more than two years.
Why did Nigeria’s naira break below N1,500 against the euro?
The final step came from a weaker euro, as the naira held steady against the US dollar. Nairametrics credits local fuel refining, farm and oil exports and central bank policy for that stability.
Is Nigeria’s naira stronger than a year ago?
Yes, at the official rate. Nigeria’s naira stood at N1,454.74 per dollar on 2 October 2025 and N1,329.60 per dollar a year later. The euro rate fell from N1,706.41 per euro to N1,496.19 per euro over the same year.
How large are Nigeria’s foreign reserves?
CBN data show gross external reserves of US$54.93 billion on 30 September 2026. That is up from US$45.50 billion at the end of 2025.
Sources: Nairametrics, 5 October 2026; Central Bank of Nigeria, exchange rates, 2 October 2026; Central Bank of Nigeria, external reserves, 30 September 2026; European Central Bank, euro reference rates, 2 October 2026; Yahoo Finance, euro at 17-month low, 5 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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