The Nigerian Naira has reached a two-year high, trading at N1,331.77 per dollar in the official FX market. This recovery, representing a 24.68 percent appreciation from October 2024, is driven by increased autonomous dollar inflows, improved market liquidity, and robust external reserves, which stood at $54.98 billion as of October 6, 2026. The CBN’s monetary reforms, including the recent cut of the Monetary Policy Rate to 23 percent, have bolstered market confidence. While inflation has moderated to 15.43 percent and real GDP grew by 4.43 percent in Q2 2026, analysts at United Capital and Coronation Merchant Bank caution that the naira’s stability remains vulnerable to shifts in global investor sentiment and the heavy reliance on portfolio inflows.