The Nigerian Naira recorded a remarkable gain against the United States dollar on Friday, capping off the week on a strong note amid a sustained rise in the nation’s external reserves.
Fresh data released by the Central Bank of Nigeria (CBN) revealed that the Naira appreciated to ₦1,455.17 per dollar at the official foreign exchange market, compared to Thursday’s closing rate of ₦1,466.65.
This represents a day-to-day gain of ₦11.48 — one of the most significant improvements recorded in recent weeks.
According to market analysts, the Naira’s rally reflects renewed confidence in the economy, driven by the Central Bank’s ongoing monetary tightening and steady inflows into Nigeria’s external reserves.
The country’s foreign reserves climbed to $42.58 billion as of October 9, 2025, up from $42.40 billion recorded a week earlier on October 2.
In the parallel (black) market, the local currency also showed resilience, appreciating to ₦1,503 per dollar on Friday, compared to ₦1,505 on Thursday.
This marks a consistent upward trend in both official and unofficial markets.
Currency experts attribute the recent surge to a mix of factors, including the Central Bank’s intervention in the FX market, improved oil earnings, and stronger remittance inflows from Nigerians abroad.
They also note that the steady rise in reserves has boosted market liquidity and investor confidence.
Friday’s trading performance represents the Naira’s strongest position in the past week. The last time the currency reached a similar level was on Thursday, October 3, when it traded at ₦1,455.24 per dollar.
Economists believe the Naira’s sustained appreciation, if maintained, could help ease inflationary pressures and stabilize prices in key sectors such as import-dependent manufacturing and consumer goods.
As the foreign exchange market continues to stabilize, stakeholders are urging the federal government to consolidate the gains by ensuring fiscal discipline, curbing speculative trading, and encouraging productive exports that can boost the country’s dollar inflows.
The positive movement in both the exchange rate and external reserves signals a potentially stronger outlook for Nigeria’s financial stability in the coming months.