Naira breaks below N1,500 against Euro, the first time since April 2024
The Naira surpassed a key resistance level against the Euro as the European currency declined to its lowest point since May 2025 against the US dollar. The post Naira breaks below N1,500 against Euro, the first time since April 2024 appeared first on Nairametrics .
The Nigerian currency, the Naira, recently broke below N1,500 per Euro, marking the first occurrence of this since April 2024. Central Bank of Nigeria (CBN) data revealed that the Naira closed at N1,497/€, surpassing the previously held resistance level. This devaluation follows a series of foreign exchange market reforms and the Naira's weakening in 2024.
Prior to this period, the Naira had been relatively strong against the Euro throughout most of 2023, staying below N1,000/€. The Euro, in turn, has hit its weakest point since May 2025 due to political and fiscal instability concerns in the Eurozone, particularly in France. This depreciation has led to a narrowing gap between official and parallel market rates, enhancing price discovery and reducing arbitrage opportunities.
The Naira has shown a stable trend, supported by robust domestic refining capacity utilization and strong trade performance, mainly driven by agricultural exports and high crude oil prices. The Central Bank's tightening monetary policy and increased transparency in currency windows have also contributed to this stabilization.
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