The Naira extended its winning streak through the final week of October, firming to ₦1,427.5 per dollar at the close of trading on Friday. The move capped a two-week rally that has seen the local currency rebound steadily against the greenback amid growing confidence in Nigeria’s foreign exchange market.
Data from the Central Bank of Nigeria (CBN) show that the Naira opened the week at ₦1,452.5/$1 and appreciated consistently across all five trading days — closing at ₦1,447 on Tuesday, ₦1,445 on Wednesday, ₦1,431 on Thursday, and ₦1,427.5 on Friday.
The performance marks the longest stretch of gains since mid-year, reversing earlier losses that had placed pressure on importers and investors. Analysts say improved dollar liquidity, steadier inflows, and tighter monetary policy have all helped restore calm to the market.
“What we’re seeing is a return of confidence,” said Tunde Aluko, an independent economist based in Lagos. “Foreign investors are starting to test the waters again, and the CBN’s clear signals on market reforms are encouraging.”
Reserves Strengthen
Nigeria’s foreign exchange reserves rose to $43.17 billion, reflecting stronger oil receipts and remittance inflows. The build-up in reserves is viewed as a key buffer for the Naira, offering the central bank more room to smooth volatility.
The combined effect of higher reserves and stable FX supply has reduced speculative activity, helping the currency sustain its climb for a second straight week.
Weekly Exchange Snapshot (Oct 27–31, 2025)
| Date | Rate (₦/$1) | Daily Change |
|---|---|---|
| Monday | 1,452.5 | — |
| Tuesday | 1,447.0 | +₦5.5 |
| Wednesday | 1,445.0 | +₦2.0 |
| Thursday | 1,431.0 | +₦14.0 |
| Friday | 1,427.5 | +₦3.5 |
| Weekly Gain | — | ₦25.0 |
