The Nigerian currency recorded its most stable trading period in months in September 2025, closing the month at N1,478/$1 after opening at N1,527.9/$1 on September 1.

This performance—described by currency traders and economists as a “naira boom”—has been attributed to policy tightening by the Central Bank of Nigeria (CBN), rising investor confidence, and the growing role of fintech in curbing speculative demand.

According to the Association of Bureau De Change Operators of Nigeria (ABCON), the rally marks one of the most impressive stretches for the naira in recent history, with the currency trading below the N1,500 per dollar threshold for more than two consecutive weeks.

Speaking on the development, ABCON President, Aminu Gwadabe, described the naira’s performance in September as “remarkable.”

“So, Naira performed better at N1,400/$1 from its lowest level in the region of N1,500/$1, propelled by several factors,” he said.

Gwadabe highlighted a mix of increased oil production, stronger investment inflows into the oil and gas sector, and tighter demand management as key drivers.

He noted a visible decline in fictitious and speculative dollar purchases, crediting fintech platforms for simplifying naira transactions and reducing reliance on domiciliary accounts.

He also attributed part of the stability to CBN’s integration of fintech systems and the Non-Resident Bank Verification Number (NRBVN) framework, which has unified identity verification across financial institutions.

“The NBVN unified registration number now connects individuals’ BVNs, names, and corporate RC numbers. There’s even a portal capturing non-residents. These innovations are boosting compliance, transparency, and tax obligations under the new financial assets tax law,” Gwadabe explained.

Another Bureau De Change operator, Mallam Ibrahim, credited CBN’s increased dollar injections through banks and BDCs for easing panic buying and hoarding.