The Nigerian Naira has recorded its third consecutive appreciation against the United States dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the Naira strengthened to N1,444.42 on Wednesday, up from N1,448.2050, representing a gain of N3.78. This development comes as the country’s external reserves rose to $43.11 billion as of October 28, 2025.

The Naira’s appreciation is a significant development, given the country’s efforts to stabilize its currency. In the last three days, the Naira has gained N13.53, compared to the N1,457.9571 per dollar exchanged on October 24, 2025. This trend suggests a positive outlook for the Nigerian economy, with the external reserves continuing to surge.

At the black market, the Naira remained stable, trading between N1,485 and N1,495 per dollar, according to Bureau De Change operators in Abuja. The stability of the Naira at the black market is a welcome development, as it indicates a reduction in the gap between the official and parallel market rates.

The increase in external reserves is a key factor contributing to the Naira’s appreciation. The reserves have been on an upward trend, reaching a peak of $43.11 billion on Tuesday. This increase is a result of improved foreign exchange earnings, driven by higher crude oil prices and increased foreign investment.

The Naira’s appreciation has significant implications for the Nigerian economy, including reduced import costs and increased purchasing power for consumers. It also reflects the country’s efforts to diversify its economy and reduce its dependence on oil exports. As the external reserves continue to grow, it is likely that the Naira will remain stable, providing a positive outlook for businesses and investors.

The development is a testament to the country’s economic management and its efforts to stabilize the currency. The government’s policies, including the introduction of foreign exchange restrictions and the promotion of non-oil exports, have contributed to the Naira’s appreciation. As the economy continues to grow, it is likely that the Naira will remain stable, providing a positive outlook for the country’s economic development.