The Naira gains against the dollar continued on Friday, marking one of the strongest performances of the local currency in recent weeks, supported by a steady rise in Nigeria’s external reserves.
According to fresh data from the Central Bank of Nigeria (CBN), the Naira appreciated to ₦1,455.17 per dollar at the official foreign exchange market, up from ₦1,466.65 traded the previous day. This represents a daily gain of ₦11.48, reflecting renewed market confidence and improved liquidity.
Friday’s performance stands as the Naira’s highest appreciation for the week. The last time the local currency reached a similar rate was the previous Thursday, when it closed at ₦1,455.24 to the dollar.
At the parallel (black) market, traders also reported a positive trend as the Naira gains against the dollar pushed the rate to ₦1,503 per dollar, compared to ₦1,505 recorded the day before.
Analysts attribute the Naira’s rebound to the ongoing recovery in Nigeria’s external reserves, which climbed to $42.58 billion as of October 9, 2025, from $42.40 billion a week earlier. The steady increase in reserves has boosted market confidence and provided the CBN with greater capacity to stabilize the foreign exchange market.
Experts believe that if the current trend continues, the Naira gains against the dollar may extend into the coming weeks, especially with rising investor confidence, improved oil revenue inflows, and the apex bank’s commitment to clearing outstanding forex backlogs.
Market observers, however, caution that sustained policy consistency and fiscal discipline will be crucial in maintaining the upward momentum and protecting the currency from future volatility.
With Nigeria’s economy showing early signs of recovery, the strong Naira gains against the dollar highlight growing optimism for stability in the country’s financial markets.
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