The Nigerian naira has continued to appreciate against the United States dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira strengthened to N1,448.20 on Tuesday, up from N1,452.79 on Monday. This represents a gain of N4.59 against the dollar on a day-to-day basis.

At the black market, the naira remained stable at N1,485 per dollar on Tuesday, unchanged from the previous day’s exchange rate. The official foreign exchange market and the black market are two different platforms where the naira is traded, with the official market being more regulated and the black market being more informal.

The Association of Bureaux De Change Operators of Nigeria has expressed concerns over the difficulty their members face in accessing dollars, despite the country’s external reserves rising to $42.86 billion as of October 22, 2025. The external reserves are a key indicator of a country’s ability to settle its international obligations, and the increase in reserves suggests that Nigeria has improved its foreign exchange position.

The naira’s appreciation against the dollar is a significant development, as it can impact the country’s trade and investment landscape. A stronger naira can make imports cheaper and increase the competitiveness of Nigerian businesses in the global market. However, the difficulty faced by Bureau De Change operators in accessing dollars may limit the benefits of the naira’s appreciation.

The Central Bank of Nigeria’s efforts to manage the foreign exchange market and stabilize the naira’s value are ongoing. The bank has implemented various policies to regulate the flow of foreign exchange and prevent speculation, which can destabilize the market. As the naira continues to appreciate, it is likely that the Central Bank of Nigeria will continue to monitor the market closely and adjust its policies as needed to maintain stability.

The development of the foreign exchange market in Nigeria is being closely watched by investors and traders, as it can have significant implications for the country’s economy. The ability of the Central Bank of Nigeria to manage the market and maintain stability will be crucial in determining the naira’s value and the overall health of the economy.