Tanimu Yakubu, director-general of the Budget Office, disclosed that the naira strengthened by 15.28% against the US dollar over the past five months.

Yakubu said the rise in the naira’s value was driven by reforms, higher oil earnings, and increased diaspora inflows.

According to him, the Nigerian currency had appreciated to N1,525 per dollar by August 2025, recovering from lows of N1,800 in March 2024.

He described the rebound as a “policy-driven correction” that has restored investor confidence and created a transparent market. He said: “This wasn’t luck; it was policy. Increased oil receipts, swelling diaspora remittances, and the clearing of over $4 billion in foreign exchange backlogs restored investor trust.

"The unification of Nigeria’s FX windows created a single, transparent market rate—finally letting the currency find its realistic value.”

Explaining further, Yakubu praised President Bola Tinubu’s decision to remove Nigeria’s fixed exchange regime in 2024 had initially triggered a sharp sell-off, sending the naira to record lows, BusinessDay reports.

He noted that Nigerians are gradually seeing the dividends of the foreign exchange market reforms.

He added: “Critics were quick to call it a collapse. But beneath the noise, a deliberate, high-risk recalibration was underway one that is now paying off.” Yakubu further argued that critics had missed the broader picture.

A floating currency, when backed by sound policy, is not a weakness but a tool for national competitiveness." The budget office boss added that if Nigeria stays the course, the naira’s recovery could mark the beginning of a sustainable, export-led economic transformation.