Naira Gains Big Against Dollar as Nigeria’s Reserves Continue to Climb

The Naira closed the week strongly on Friday, achieving significant gains against the United States dollar in both the official and black foreign exchange (FX) markets, a trend supported by the continued increase in Nigeria’s external reserves.

Dependable NG reports that data from the Central Bank of Nigeria (CBN) confirmed the massive appreciation. Dependable NG confirms that in the official FX markets, the Naira strengthened by N11.48 day-to-day, moving from N1,466.65 per dollar on Thursday to N1,455.17 per dollar on Friday. This marks the highest uptrend recorded during the week under review.

The local currency mirrored this performance in the black market, where it also gained value, rising from N1,505 per dollar the previous day to N1,503 per dollar on Friday.

The positive movement in the Naira is taking place alongside a sustained increase in the country’s external reserves. As of October 9, 2025, Nigeria’s reserves had climbed to $42.58 billion, up from $42.40 billion recorded on October 2, showing consistent growth in the nation’s foreign currency stockpile.