The Nigerian Naira has experienced a mixed performance against the US Dollar, appreciating at the parallel foreign exchange market while depreciating at the official market. According to Abubakar Alhasan, a Bureau De Change operator in Abuja, the Naira gained N5 against the Dollar at the parallel market, trading at N1,500 per Dollar on Tuesday, compared to N1,505 on Monday.

In contrast, the Central Bank of Nigeria’s data indicates that the Naira weakened against the Dollar at the official foreign exchange market, trading at N1,471.09 per Dollar on Tuesday, down from N1,470.26 on Monday. This represents a decline of N0.83 against the Dollar on a day-to-day basis.

The country’s external reserves have continued to rise, reaching $42.54 billion as of October 6, 2025, up from $42.44 billion on October 3. This development comes after the Naira depreciated across both official and parallel foreign exchange markets on Monday.

The appreciation of the Naira at the parallel market may be seen as a positive development, but the depreciation at the official market suggests that the currency’s performance is still volatile. The mixed sentiment in the foreign exchange market underscores the complexity of Nigeria’s economic landscape.

The recent fluctuations in the Naira’s value against the Dollar highlight the need for continued monitoring of the country’s economic indicators. As the external reserves continue to rise, it will be important to observe how this affects the Naira’s performance in the coming days. The Central Bank of Nigeria’s actions and policies will also be crucial in shaping the direction of the foreign exchange market.