Naira falls below N1,500 per euro as euro weakens

The naira moved below N1,500 per euro in early October for the first time since April 2024, according to Central Bank of Nigeria exchange-rate data. The crossing reflected a weaker euro as well as the naira’s relative stability against the U.S. dollar, rather than a broad surge in the Nigerian currency, analysts said. Reports citing central bank figures put the euro rate at N1,497 in early October. One account specified N1,496.19 on October 2, while another cited N1,497. The figures place the naira below the N1,500 threshold after the rate had climbed above it following foreign-exchange reforms and a naira devaluation in 2024. The dollar rate was little changed around the same period. On October 6, the official rate was N1,330.87 per dollar, compared with N1,331.69 the previous day. The parallel-market rate was reported at N1,370 per dollar. On October 2, the official dollar rate was reported at N1,329.60, while the euro rate had fallen from N1,509.49 on September 30 to N1,496.19.