The Nigerian naira has shown a mixed performance against the US dollar, appreciating in the parallel foreign‑exchange market while depreciating in the official market. According to Abubakar Alhasan, a bureau de change operator in Abuja, the naira gained N5 against the dollar on the parallel market, trading at N1,500 per dollar on Tuesday compared with N1,505 on Monday.
In contrast, data from the Central Bank of Nigeria indicate that the naira weakened in the official foreign‑exchange market, trading at N1,471.09 per dollar on Tuesday, down from N1,470.26 on Monday. This represents a day‑to‑day decline of N0.83 against the dollar.
Nigeria’s external reserves have continued to rise, reaching $42.54 billion as of 6 October 2025, up from $42.44 billion on 3 October. This increase follows a depreciation of the naira across both official and parallel markets on Monday.
The appreciation of the naira in the parallel market may be viewed as a positive development, but the depreciation in the official market underscores the currency’s ongoing volatility. The mixed sentiment in the foreign‑exchange market highlights the complexity of Nigeria’s economic landscape and the need for continued monitoring of key economic indicators. As external reserves grow, it will be important to observe how this influences the naira’s performance in the coming days, while the Central Bank of Nigeria’s actions and policies remain crucial in shaping the direction of the foreign‑exchange market.
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