Nigeria’s local currency, the Naira, extended its winning streak on Wednesday by appreciating for the third consecutive trading session at the official foreign exchange market. Figures released by the Central Bank of Nigeria (CBN) showed that the Naira advanced to close at ₦1,500.92 per dollar, improving from the previous day’s rate of ₦1,506.09. The latest performance translates into a gain of ₦5.17 within 24 hours, underscoring renewed resilience in the exchange rate.
Despite the upward movement at the official market, the Naira’s performance in the parallel market remained unchanged. Traders reported that the currency maintained its value at ₦1,530 per dollar on Wednesday, the same rate it had recorded since Monday. This stability suggests that while speculative activities remain limited in the black market, momentum is building in the official market, where confidence appears to be rising.
According to a market update by DAILY POST, this week marks a notable improvement for the Nigerian currency. From Monday through Wednesday, the Naira has strengthened by a cumulative ₦5.92, supported by a continuous rise in external reserves. As of September 9, 2025, Nigeria’s reserves stood at $41.596 billion, giving the Central Bank greater capacity to intervene in the market and anchor expectations.
Financial analysts observe that the consistent appreciation is not just symbolic but may have far-reaching implications for inflation, imports, and investment inflows if the trend is sustained. For now, the outlook remains cautiously optimistic, with the Naira’s resilience seen as a reflection of both external reserve growth and ongoing policy measures aimed at stabilising the economy.
