The Nigerian Naira showed a modest recovery against the U.S. dollar on Tuesday, reaching N1,466 per dollar in the official Nigerian Foreign Exchange Market (NFEM), up from N1,469 the prior Friday.
This slight improvement marks a continuation of the currency’s recent upward momentum, following a brief dip last week that ended a multi-day rally. On Monday, the rate hovered around N1,464 in the NFEM, building on gains from the previous session’s N1,464.85 close—its best showing of the year to date.
Figures from the Central Bank of Nigeria (CBN) platform indicate the Naira’s latest uptick follows a period of firmness that kicked off after a drop to N1,493.2 on September 23, down marginally from N1,491.49 a day earlier.
Even with Tuesday’s positive shift, the Naira’s trajectory over the past month remains encouraging overall.
For context, it ended September 30 at N1,478 per dollar, a notable rebound from the month’s starting point of N1,527.9.
External Reserves Climb
Over the past week, Nigeria’s foreign reserves climbed to $42.4 billion, edging up from $42.3 billion at September’s close.
CBN records show this growth trend has persisted since July 14, with the current level nearing the 2019 peak of $41.992 billion recorded on September 27 that year.
Market observers credit the Naira’s relative steadiness to the central bank’s ongoing forex interventions, crackdowns on speculation, and efforts to enhance dollar supplies.
In his recent 65th Independence Day speech, President Bola Tinubu reaffirmed dedication to forex overhaul. He noted, “The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.”
