The Nigerian naira experienced a significant appreciation against the United States dollar at the official foreign exchange market following the country’s Independence Anniversary holiday on Thursday. According to data from the Central Bank of Nigeria, the naira strengthened to N1,455.24 on Thursday, representing a gain of N20.11 from the N1,475.35 traded on Tuesday.
This upward trend was also observed in the black market, where the naira firmed by N5 to N1,485 on Thursday, compared to N1,490 on Tuesday. The positive sentiment across foreign exchange markets has led to a narrowing of the gap between the official and parallel markets. Nigeria’s external reserves have also seen a surge, reaching $42.33 billion as of September 29, 2025.
President Bola Ahmed Tinubu, in his Independence Anniversary broadcast, noted that the naira has stabilized, and the country’s currency exchange rate is no longer heavily influenced by fluctuations in crude oil prices. This development is a positive indicator for the Nigerian economy, which has historically been heavily reliant on oil exports.
The appreciation of the naira is a welcome development for businesses and individuals who rely on foreign exchange for imports and other transactions. A stable currency can help to boost investor confidence and promote economic growth. The Nigerian government has been working to diversify the economy and reduce its dependence on oil exports, and the recent surge in external reserves is a step in the right direction.
The narrowing of the gap between the official and parallel foreign exchange markets is also a significant development, as it indicates a increase in transparency and stability in the foreign exchange market. This can help to reduce the risk of currency fluctuations and promote economic stability. As Nigeria continues to work towards economic recovery and growth, the recent developments in the foreign exchange market are a positive sign for the country’s economic future.
