The Nigerian Naira experienced a significant gain against the United States dollar on Friday, driven by the country’s rising external reserves. According to data from the Central Bank of Nigeria, the Naira appreciated to N1,455.17 per dollar, representing a gain of N11.48 from the previous day’s rate of N1,466.65.

This uptrend marks the highest gain for the Naira during the week, with the currency last reaching this level on Thursday of the previous week, when it traded at N1,455.24. The gain is attributed to the country’s increasing external reserves, which have risen to $42.58 billion as of October 9, 2025, up from $42.40 billion on October 2, 2025.

In addition to the official FX markets, the Naira also gained ground at the black market, where it traded at N1,503 per dollar on Friday, up from N1,505 the previous day. The rise in external reserves is a positive development for the Nigerian economy, as it indicates an increase in the country’s foreign exchange holdings.

The Nigerian economy has been working to strengthen its currency and improve its foreign exchange position. The recent gains in the Naira’s value are a welcome development, as a stable currency is essential for attracting foreign investment and promoting economic growth. The country’s external reserves have been on an upward trend, providing a cushion for the economy and helping to stabilize the Naira.

The development is significant, as it underscores the country’s efforts to manage its foreign exchange and maintain a stable currency. As the Nigerian economy continues to evolve, the performance of the Naira will remain a key indicator of its progress. With the external reserves expected to continue their upward trend, the Naira’s value is likely to remain stable, providing a positive outlook for the economy.