Naira gains against US dollar with highest appreciation

The Nigerian Naira has recorded its highest appreciation against the United States dollar at the official foreign exchange market this week. According to data from the Central Bank of Nigeria, the Naira gained significantly, trading at N1,436.97 per dollar on Thursday, up from N1,444.42 on Wednesday. This represents a daily gain of N7.45 against the dollar.

In comparison to the previous days, Thursday’s appreciation is the highest, surpassing the N5.17, N4.58, and N3.78 gains recorded in the last four and three days, respectively. The Naira’s uptrend is a notable development in the country’s foreign exchange market.

Meanwhile, the black market exchange rate remained unchanged, with the Naira trading at N1,485 per dollar on Thursday, the same rate as the previous day. This stability in the parallel market is worth noting, as it indicates that the official market’s gains have not yet been fully reflected in the unofficial market.

Nigeria’s external reserves have also seen an increase, rising to $43.11 billion as of October 28th, 2025. This growth in reserves may have contributed to the Naira’s appreciation, as a stronger reserve position can boost investor confidence and support the local currency.

The Naira’s performance is a significant development for Nigeria’s economy, as a stronger currency can impact trade, inflation, and overall economic growth. The country’s economic managers will likely be watching the currency’s movements closely, as they work to maintain stability and promote economic development. With the external reserves on the rise, it will be interesting to see how the Naira performs in the coming days and whether it can sustain its current appreciation against the US dollar.