The Nigerian naira has continued to appreciate against the US dollar in the official foreign‑exchange market. According to the latest data from the Central Bank of Nigeria, the naira traded at N1,506.09 on Tuesday, a marginal gain of N0.75 from the previous day’s rate of N1,506.84.
This modest strengthening comes as the country’s external reserves have risen to $41.57 billion as of 8 September 2025, up from $41.54 billion on 4 September. The increase signals greater economic stability and an enhanced ability to meet international payment obligations.
In contrast, the black‑market exchange rate remained unchanged, with the naira holding at N1,530 per dollar on Tuesday, the same level as the day before. The stability in the parallel market suggests that the official rate is positively influencing the currency’s overall value.
Speaking at the 18th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria, Central Bank Governor Olayemi Cardoso outlined the country’s diaspora‑remittance targets. Nigeria aims to attract $1 billion in diaspora reserves by 2026, a move expected to boost foreign‑exchange earnings and support economic growth.
The appreciation of the naira and the growth in external reserves are significant for an economy still recovering from the COVID‑19 pandemic and other global challenges. As policymakers continue to implement measures to stabilise the currency and attract foreign investment, these developments are likely to have a positive impact on trade and commerce. With external reserves at a new high, Nigeria is well positioned to meet its international payment obligations and sustain economic expansion. The push to draw diaspora remittances should further augment foreign‑exchange earnings, reinforcing the naira’s importance as a focus for both policymakers and investors.
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