Why the exchange rate is not yet N1,000/$1 Nigeria’s stronger oil earnings and rising foreign exchange reserves have improved the country’s external position, but the naira has remained above N1,300 to the dollar, raising questions about why higher dollar inflows have not translated into a significantly stronger exchange rate.
Nigerians’ love for a stronger naira reflects a populist belief that this often leads to a lower cost of goods and services.
Thus, many on social media wonder why we haven’t seen the exchange rate strengthen to as high as N1000/$1.
The divergence has become more evident as crude oil production improves and revenue from the Nigerian National Petroleum Company Limited (NNPC Ltd) remains elevated. NNPC’s monthly revenue rose from N2.57 trillion in January 2026 to N4.97 trillion in April, before moderating to N4.34 trillion in May, N4.39 trillion in June and N3.09 trillion in July. https://nairametrics.com/2026/09/05/why-the-exchange-rate-is-not-yet-n1000-1/
1September 5, 2026 349 2
