Table of Contents
- Naira Appreciation
- Central Bank Data
- Black Market Rates
- Market Sentiment
- External Reserves
- Presidential Broadcast
The naira experienced a notable appreciation against the United States dollar at the official foreign exchange market following Nigeria’s Independence Anniversary holiday on Thursday.
Data from the Central Bank of Nigeria indicated that the naira strengthened to N1,455.24 on Thursday, rising from N1,475.35 traded on Tuesday.
This signifies that the naira gained N20.11 against the dollar on Thursday in comparison to the N1,475.35 exchanged at the close of trading prior to Wednesday’s holiday.
In a similar manner, at the black market, the naira improved by N5 to N1,485 on Thursday, up from N1,490 on Tuesday.
This reflects a positive sentiment across foreign exchange markets on Thursday and further illustrates that the gap between the official and parallel foreign exchange markets continues to narrow.
This development coincides with Nigeria’s external reserves, which surged to $42.33 billion as of September 29, 2025.
During his Independence Anniversary address, President Bola Ahmed Tinubu noted that the country’s currency exchange rate is no longer influenced solely by fluctuations in crude oil prices.
Frequently Asked Questions
What caused the naira to appreciate against the dollar?
The naira appreciated due to positive market sentiment and a significant increase in Nigeria's external reserves.
What are the current rates of the naira in the official and black markets?
As of Thursday, the official rate is N1,455.24, while the black market rate is N1,485.
How do external reserves impact the currency exchange rate?
Increased external reserves can strengthen a country's currency by enhancing investor confidence and stabilizing the economy.
