The Nigerian naira has appreciated for the third consecutive day against the U.S. dollar in the official foreign‑exchange market. Central Bank of Nigeria data show the rate strengthening to N1,444.42 on Wednesday, up from N1,448.2050—a gain of N3.78. Over the past three days the naira has risen by N13.53, compared with the N1,457.9571 per dollar level recorded on October 24, 2025. This appreciation coincides with a rise in external reserves, which reached $43.11 billion as of October 28, 2025.
In the parallel market, the naira remained relatively stable, trading between N1,485 and N1,495 per dollar, according to bureau‑de‑change operators in Abuja. The narrowing gap between official and black‑market rates reflects improved market confidence.
The growth in external reserves is a key driver of the naira’s strength. Higher crude‑oil prices and increased foreign investment have boosted foreign‑exchange earnings, pushing reserves to a peak of $43.11 billion. A stronger naira reduces import costs and enhances consumers’ purchasing power, while also signaling progress in diversifying the economy away from oil dependence.
Government policies—such as foreign‑exchange restrictions and the promotion of non‑oil exports—have further supported the currency’s appreciation. As reserves continue to expand, the naira is expected to remain stable, offering a positive outlook for businesses, investors, and Nigeria’s broader economic development.
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