The Naira continued its upward trend against the United States dollar on Wednesday, marking the third consecutive day of appreciation at the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed that the Naira closed at ₦1,444.42 per dollar, stronger than ₦1,448.21 recorded on Tuesday. This represents a day-to-day gain of ₦3.78.
In total, the local currency has appreciated by ₦13.53 over the last three trading days, compared with ₦1,457.96 per dollar recorded earlier in the week. The consistent appreciation is being seen as a positive sign for the market and an indication of renewed confidence in the Naira.
Meanwhile, in the parallel market, commonly known as the black market, the Naira traded relatively flat between ₦1,485 and ₦1,495 per dollar on Wednesday. Bureau De Change (BDC) operators in Ikeja confirmed that there was little movement in the rate during the day.
The latest gains by the Naira come at a time when Nigeria’s external reserves have risen to $43.11 billion as of Tuesday, October 28, 2025, the highest level in several months. The steady growth in reserves is believed to be driven by increased oil earnings, stronger non-oil exports, and improved foreign inflows.
In recent months, the apex bank has stepped up efforts to unify exchange rates, clear forex backlogs, and encourage foreign investment inflows. These actions are part of broader economic reforms aimed at stabilizing the Naira and restoring investor confidence.
Nigeria has faced significant exchange rate pressure in the past year, with the Naira hitting record lows against the dollar due to reduced oil revenues and high demand for foreign currency. However, the latest trend suggests some improvement, giving businesses and consumers renewed hope for a more stable market.
