The Nigerian naira has recorded its highest appreciation against the US dollar at the official foreign exchange market, with the currency strengthening to N1,484.14 on Tuesday. According to data from the Central Bank of Nigeria, this represents a significant gain of N13.33 against the dollar, up from N1,497.47 on Monday. This uptrend is the most substantial single-day gain for the naira this week and marks the highest appreciation since February 2025.

The appreciation of the naira is attributed to the country’s swelling external reserves, which stood at $41.84 billion as of September 15, 2025. This is an increase from $41.70 billion recorded on September 12, according to the Central Bank’s data. The continued rise in external reserves has contributed to the stability of the naira at the official foreign exchange market.

In contrast, the naira remained stable at N1,537 per dollar on the black market on Tuesday, unchanged from the previous day’s rate. The stability of the currency on the parallel market suggests that the unofficial exchange rate is not yet reflecting the gains made at the official market.

The growth in Nigeria’s external reserves is a positive development for the country’s economy, indicating an increase in foreign exchange earnings. This could be attributed to various factors, including increased export earnings, foreign investment, or other sources of foreign exchange.

The significant appreciation of the naira at the official market is a notable development, considering the country’s history of currency fluctuations. As the external reserves continue to grow, it will be essential to monitor the impact on the naira’s value and the overall economy. The Central Bank of Nigeria’s efforts to maintain a stable exchange rate and build up the country’s reserves will be critical in determining the naira’s performance in the coming days.