The Nigerian naira has appreciated significantly against the US dollar in both official and parallel foreign‑exchange markets. Data from the Central Bank of Nigeria show that the naira strengthened to 1,487.90 per dollar on Friday, a gain of 11.08 naira from the previous day’s rate of 1,498.98. A similar improvement was seen in the black market, where the naira rose by 15 naira to 1,522 per dollar, up from 1,537 on Thursday.
These gains mark a notable reversal from the downtrend experienced on Wednesday and Thursday. On a week‑on‑week basis, the naira increased by 3.9 naira, moving from 1,501.50 last Friday to the current rate. This development aligns with the broader trend of rising external reserves, which stood at $41.99 billion as of 18 September 2025, according to the central bank.
The appreciation of the naira is a positive development for Nigeria’s economy, particularly in the foreign‑exchange market. Growing external reserves provide a cushion that supports the naira’s stability, which can boost confidence in trade and investment. The Central Bank of Nigeria’s efforts to manage the foreign‑exchange market and maintain a stable currency have contributed to this strengthening, suggesting increased investor confidence in the Nigerian economy.
As the economy continues to evolve, the stability of the naira will be crucial for attracting foreign investment and promoting trade. The current appreciation is a step in the right direction, and monitoring the currency’s performance in the coming days will be essential to determine whether the trend persists.
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