-
The naira recorded a strong rebound against the US dollar on Thursday, gaining ₦20.11 at the official window.
-
Black market rates also strengthened, narrowing the gap between official and parallel markets.
-
Nigeria’s external reserves surged to $42.33bn, boosting confidence in FX stability.
The naira on Thursday appreciated significantly against the United States dollar at the official foreign exchange market, rebounding after the Independence Anniversary holiday.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at ₦1,455.24 per dollar, stronger than the ₦1,475.35 it traded on Tuesday before the holiday. The gain of ₦20.11 reflects renewed strength in the official market.
At the parallel market, the naira also improved, trading at ₦1,485 compared to ₦1,490 earlier in the week. The development further narrows the spread between official and black market exchange rates.
READ ALSO: Marketers Announce Petrol Price Hike as Dangote Refinery Halts Naira Sales
The positive trend coincides with a rise in Nigeria’s external reserves, which climbed to $42.33 billion as of September 29, 2025. Analysts link the appreciation to improved dollar inflows and reduced speculation.
In his Independence Day broadcast, President Bola Ahmed Tinubu emphasised that the naira has regained stability, stressing that currency values are “no longer determined by crude oil price fluctuations.”
With stronger reserves and narrowing arbitrage, the government insists that reforms in the foreign exchange market are beginning to yield results.
