The Nigerian naira has appreciated significantly against the US dollar after the Independence holiday. According to the Central Bank of Nigeria, the naira strengthened to ₦1,455.24 on Thursday, gaining ₦20.11 from ₦1,475.35 on Tuesday. This appreciation is seen in both the official and parallel markets, with the black market rate firming by ₦5 to ₦1,485. The naira gained ₦20.11 against the dollar, reaching ₦1,455.24 on Thursday.
The naira firmed by ₦5 to ₦1,485 in the black market. Nigeria’s external reserves surged to $42.33 billion as of September 29, 2025.
President Bola Ahmed Tinubu noted that the naira has stabilized, and the country’s currency exchange rate is no longer determined by crude oil price fluctuations.
The gap between the official and parallel foreign exchange markets has continued to narrow, indicating positive sentiment across FX markets.The naira’s appreciation is attributed to reduced demand pressures and sustained interventions by the Central Bank of Nigeria in the FX market.
