Nigeria’s Naira gap has shrunk by more than half this year, Farhat Bengdara explains what that does and doesn’t prove

Nigeria’s central bank spent much of 2026 telling a story about the naira closing the distance between its two prices. Central Bank of Nigeria Governor Olayemi Cardoso said on August 5 that the spread between the official rate and Bureau de Change pricing had narrowed to below 2 percent, a dramatic compression from a gap that had briefly topped 6 percent, and crossed N100 per dollar, back in January. Reserves backing that claim hit their highest level in 17 years the same summer. The central bank had more dollars on hand than it had held in over a decade.

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