Nigeria’s forex market stabilises below N1,500 amid reforms — Finance minister

By Kunle Sanni –

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said Nigeria’s external reserves rose to $45.5 billion, the exchange rate stabilised below N1,500 to the dollar, and the country recorded a trade surplus of N19.33 trillion in the first nine months of 2025.

Edun made the remarks while delivering the keynote address at the presentation of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos on Thursday.

According to him, the figures reflect measurable gains from economic reforms implemented over the past two years. He added that pressure on the foreign exchange market has eased and investor confidence is gradually returning.

He said inflation has moderated, external buffers have strengthened, and macroeconomic stability has improved, positioning the country for stronger growth in 2026.

Edun noted that inflation declined from 33.18 per cent in 2024 to 14.45 per cent by November 2025, while economic growth averaged 3.78 per cent by the third quarter of 2025, with 27 sectors of the economy, including manufacturing and agriculture, recording expansion.

He also stated that market capitalisation on the Nigerian Exchange grew by almost 60 per cent year-on-year, underscoring renewed confidence in the economy.

Looking ahead, the finance minister projected GDP growth of 4.68 per cent in 2026, inflation averaging 16.5 per cent, and the exchange rate stabilising around N1,400 to the dollar.

“Nigeria cannot afford to pause or retreat,” Edun said, stressing that sustained consolidation would determine whether current stability translates into long-term growth and job creation.