The naira recorded a significant appreciation against the United States dollar at the official foreign exchange market following Nigeria’s Independence Day holiday.
According to data from the Central Bank of Nigeria (CBN), the naira strengthened to ₦1,455.24 per dollar on Thursday, up from ₦1,475.35 traded on Tuesday. This represents a ₦20.11 gain for the local currency compared to the closing rate before Wednesday’s holiday.
Naira Performance in Official and Parallel Markets
At the parallel (black) market, the naira also firmed up, trading at ₦1,485 per dollar on Thursday, compared to ₦1,490 on Tuesday, reflecting a ₦5 gain.
This development points to renewed positive sentiment across Nigeria’s foreign exchange markets. It also shows that the gap between the official and parallel FX rates continues to narrow, boosting market confidence.
Further strengthening the outlook, Nigeria’s external reserves rose to $42.33 billion as of September 29, 2025, providing additional support for the stability of the local currency.
In his Independence Anniversary broadcast, President Bola Ahmed Tinubu highlighted the progress made in stabilizing the naira. He stressed that the currency is no longer dictated by crude oil price swings but is now supported by broader economic reforms.
The 9am News report notes that this appreciation marks one of the strongest performances of the naira in recent weeks and comes amid renewed policy measures aimed at boosting investor confidence and maintaining exchange rate stability.
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