The Nigerian naira recorded its strongest appreciation against the United States dollar in the official foreign‑exchange market this week. According to data from the Central Bank of Nigeria, the currency rose to N1,436.97 per dollar on Thursday, up from N1,444.42 on Wednesday—a daily gain of N7.45. This increase surpasses the gains of N5.17, N4.58 and N3.78 recorded over the preceding four, three and two days, respectively, marking the most significant upturn in recent trading.
In contrast, the black‑market rate remained unchanged, with the naira trading at N1,485 per dollar on Thursday, the same level as the day before. This stability in the parallel market suggests that the official market’s gains have not yet been fully reflected in the unofficial market.
Nigeria’s external reserves also rose, reaching $43.11 billion as of 28 October 2025. The larger reserve position may have helped boost investor confidence and support the naira’s appreciation. A stronger currency can influence trade, inflation and overall economic growth, making the naira’s performance a key development for the country’s economy.
Economic policymakers are likely to monitor the currency closely as they aim to maintain stability and promote development. With reserves on the rise, observers will watch whether the naira can sustain its recent gains against the US dollar in the days ahead.
Comments are closed for this story.