The Nigerian naira recorded its strongest appreciation against the US dollar in the official foreign‑exchange market on Tuesday, reaching N1,484.14. According to data from the Central Bank of Nigeria, this marks a gain of N13.33 from the previous day’s rate of N1,497.47, representing the most substantial single‑day increase for the naira this week and the highest appreciation since February 2025.
The rise is attributed to Nigeria’s growing external reserves, which stood at $41.84 billion as of 15 September 2025, up from $41.70 billion on 12 September, per the central bank’s figures. The continued buildup of reserves has helped stabilize the naira in the official market.
In contrast, the parallel (black) market rate remained unchanged at N1,537 per dollar on Tuesday, indicating that the unofficial exchange rate has not yet reflected the gains seen in the official market.
The increase in external reserves is a positive sign for the Nigerian economy, suggesting higher foreign‑exchange earnings that may stem from stronger export performance, greater foreign investment, or other sources of foreign currency. Given the country’s history of currency volatility, the notable appreciation of the naira in the official market is significant.
As external reserves continue to grow, monitoring their impact on the naira’s value and the broader economy will be essential. The Central Bank of Nigeria’s efforts to maintain a stable exchange rate and further build reserves will play a crucial role in shaping the naira’s performance in the coming days.
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