The Nigerian naira recorded its first appreciation against the United States dollar at the official foreign‑exchange market this week. According to data from the Central Bank of Nigeria, the naira gained ₦2.27 to trade at ₦1,471.02 per dollar on Thursday, up from ₦1,473.29 on Wednesday. This represents a 0.15 % strengthening of the currency on a day‑to‑day basis and marks a significant uptrend after a dip earlier in the week.
Despite Thursday’s gain, the naira is still struggling to recover from losses incurred over the past three days. In the parallel black market, the rate remained steady at ₦1,500 per dollar, according to several bureau de change operators in Abuja.
Nigeria’s external reserves also showed a modest rise, standing at $42.67 billion as of 15 October 2025, up from $42.65 billion the day before. This increase is notable given the current volatility in the foreign‑exchange market.
The naira’s appreciation may be viewed as a positive sign, but it remains uncertain whether the trend will continue. The foreign‑exchange market in Nigeria has experienced frequent fluctuations, with the naira alternating between gains and losses against major currencies. The Central Bank of Nigeria is working to stabilise the market and maintain a steady exchange rate.
The naira’s performance against the dollar is closely watched by investors, businesses, and individuals because it has a significant impact on the country’s economy. A stable exchange rate can boost trade, investment and economic growth, whereas volatility can have adverse effects. As the market evolves, ongoing monitoring of the naira’s movements and their implications for the Nigerian economy is essential.
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