Nicaraguan cigar named best of 2014

2014's top cigar has just been crowned.

Who took the top prize?

Read More The Chinese cars that are changing Cuba

The Nicaraguan Oliva Serie V Melanio Figurado was named this year's best cigar after receiving a rating of 96 (out of 100) from Cigar Aficionado magazine. This $14-cigar has a "leathery, coffee" taste, with all of the tobacco inside coming from Nicaragua and the wrapper coming from Ecuador, Executive Editor David Savona said in an interview with CNBC. The cigar is named after Melanio Oliva, a Cuban cigarmaker in the 1800s, Savona said.

Savona also said interest in cigars will grow in the wake of the announcement of efforts to improve U.S.-Cuban ties. "The embargo's not over, so Cuban cigars aren't all of a sudden legal in the United States," said Savona. "But there's a crack in the embargo. There's a change being made after 50 long years."

Read MoreEnd of Cuba embargo:Big news for cigar industry

Here are the other cigars that made the top five:

No. 2: E.P.Carrillo La Historia E-III (Dominican Republic)

No. 3: Illusione Fume d'Amour Clementes (Nicaragua)

No. 4: Hoyo de Monterrey Epicure Especial (Tubo) (Honduras)

No. 5: Rocky Patel Royal Toro (Honduras)

Read MoreThe 'Hyman Roth' play: Cuba-related stocks rally