The Nigerian Naira has appreciated against the United States dollar at the official market for the first time in three days. According to the Central Bank of Nigeria’s exchange rate data, the Naira strengthened to ₦1,470.62 per dollar on Wednesday, representing a slight increase from ₦1,471.09 traded on Tuesday. This translates to a daily gain of ₦0.47 against the dollar.

The Naira’s performance at the official foreign exchange market had been negative on Monday and Tuesday, but it has now begun to show signs of recovery. However, at the black market, the Naira remained unchanged at ₦1,500 per dollar on Wednesday, maintaining the same rate as the previous day.

The country’s external reserves, which play a significant role in determining exchange rates, stood at $42.57 billion as of October 7, 2025, according to data from the apex bank. This reserve level is an important indicator of the country’s ability to meet its international payment obligations and maintain a stable exchange rate.

The Naira’s appreciation against the dollar at the official market is a positive development for the Nigerian economy, which has been facing challenges related to foreign exchange scarcity and currency volatility. The Central Bank of Nigeria has been implementing various measures to stabilize the exchange rate and improve the supply of foreign exchange in the country.

The Naira’s performance is being closely watched by investors, businesses, and individuals who rely on the currency for international transactions. A stable exchange rate is essential for promoting trade, investment, and economic growth in Nigeria. As the country continues to navigate the complexities of the global economy, the performance of the Naira will remain a key area of focus for policymakers and stakeholders.