The naira recorded its first appreciation of the week, gaining ₦2.27 against the United States dollar to close at ₦1,471.02/$1 at the official foreign exchange market on Thursday.
According to data released by the Central Bank of Nigeria, the local currency appreciated from ₦1,473.29/$1 recorded on Wednesday, when it hit its weakest point of the week.
Thursday’s upward movement represents the naira’s first recovery after three straight sessions of decline at the official market, showing renewed activity and possible intervention by the apex bank to ease market pressures.
Despite this modest gain, the naira has not fully recovered from the cumulative losses recorded earlier in the week, as traders continue to face high demand for foreign currencies amidst tight dollar liquidity.
At the parallel (black) market, the naira traded flat at ₦1,500/$1, according to several Bureau de Change (BDC) operators in Wuse Zone 4, Abuja, on Thursday. Many traders attributed the steady rate to balanced market forces, noting that dollar supply remains largely limited.
Meanwhile, Nigeria’s external reserves rose slightly to $42,670,000,000 (Forty-Two Billion, Six Hundred and Seventy Million Dollars) as of October 15, 2025, compared to $42,650,000,000 (Forty-Two Billion, Six Hundred and Fifty Million Dollars) recorded the previous day, according to figures published by the CBN.
Financial analysts suggest that the modest appreciation of the naira may have been influenced by a combination of factors, including improved crude oil earnings, a slight increase in capital inflows, and targeted efforts by the central bank to stabilize the exchange rate.
They, however, warn that sustaining the positive momentum will require consistent dollar inflows, reduced speculative trading, and broader fiscal discipline to maintain investor confidence in the Nigerian economy.
