The Nigerian naira has continued to gain ground against the United States dollar, closing the week on a positive note at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira appreciated to N1,436.58 against the dollar on Friday, representing a slight improvement from N1,436.74 on Thursday. This translates to a daily gain of N0.16 for the Nigerian currency.
In contrast, the naira remained stable at the black market, exchanging for N1,445 per dollar on Friday, unchanged from the previous day. Abubakar Alhasan, a Bureau De Change operator in Abuja, confirmed this rate. However, when compared to the same period last week, the naira had depreciated by N14.85 at the official market, from N1,421.73 to N1,436.58.
Notably, the naira has made significant gains at the black market, a development that may be attributed to the country’s rising external reserves. As of November 6, 2025, Nigeria’s external reserves stood at $43.32 billion, indicating a positive trend for the country’s economy. The appreciation of the naira against the dollar is a welcome development, as it can help to boost investor confidence and stabilize the economy.
The foreign exchange market has been closely watched in recent times, with the Central Bank of Nigeria implementing various measures to stabilize the naira. The bank’s efforts, combined with the country’s improving economic fundamentals, may be contributing to the naira’s appreciation. As the country continues to navigate the complexities of the global economy, the performance of the naira will remain a key indicator of its economic health.
The rise in external reserves is a significant factor in the naira’s appreciation, as it provides a cushion against economic shocks and helps to maintain a stable exchange rate. With the reserves expected to continue growing, the naira may maintain its current trajectory, providing a boost to the country’s economy. As the week comes to a close, the naira’s performance will be closely watched, with investors and stakeholders eagerly awaiting the next developments in the foreign exchange market.