Naira Strengthens to N1,457 as CBN Boosts Dollar Supply, Analysts Predict Further Gains
- The Nigerian currency, the naira, has experienced seven consecutive days of appreciation in the official forex market
- Data from the Nigerian Foreign Exchange Market (NFEM) show that the currency appreciated by 0.17%
- The naira’s climb comes amid predictions by financial analysts that it could hit N1,400 to N1,450 per dollar by year end
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The Nigerian currency has continued its upward climb against the US dollar, appreciating for seven consecutive days following the rise of Nigeria’s external reserves.
According to data from the Nigerian foreign exchange market, the local currency rose N1,457.79 on Friday, October 24, 2025, up from N1,460 per dollar the previous day.
Source: Getty Images
Robust FX supply lifts naira
Currency dealers reported ample supply of the US greenback, leading to the naira’s appreciation.
Daily forex data from the Central Bank of Nigeria (CBN) show that the naira appreciated by 0.17%.
Currency dealers quoted the dollar at an intra-day high of N1,463, from N1,464 the previous day.
The naira’s spot rate hits a new high
According to a report by Market Forces Africa, the spot rate appreciated from N1,475 at the beginning of the week and closed at N1,457, aided by a surge of foreign exchange inflows at the official market.
Meanwhile, in the parallel segment of the foreign exchange market, the naira fell by 0.37 to N1,491 per dollar, showing divergent demand dynamics for the naira across both segments.
Experts predict a good year for the naira
Meanwhile, experts have predicted that the naira will end the year strongly between N1,400 and N1,450 per dollar, Legit.ng had reported.
CardinalStone Research disclosed in its macroeconomic update that it anticipates the fall in inflation to boost the Nigerian currency.
Falling inflation to drive naira’s rally
A prior report by Legit.ng disclosed that the National Bureau of Statistics (NBS) revealed in its latest Consumer Price Index (CPI) that Nigeria’s inflation rate declined to 18.02% in September 2025, relative to 20.12% in August.
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That is the sixth consecutive month inflation had fallen and the first time in three years it fell below the 20% ceiling.
FX reserves remains solid
The decline was supported by strong base effects as supply conditions improved amid the seasonal harvest.
“From the current trend, the prediction might be achieved. The naira is just a few steps from hitting the mark,” Janet Ogochukwu, an economist and senior banker, told Legit.ng on a call.
“Don’t forget the external reserves have also risen to a five-year high. CBN said the current reserves could support 11 months of exports. The naira is on a solid footing right now and might exceed the predictions,” she said.
With inflation easing and reserves strengthening, experts say the naira’s renewed resilience could define Nigeria’s 2025 economic rebound.
Naira surges against dollar in official, black markets
Legit.ng earlier reported that after a slight pause on Tuesday, July 8, 2025, the Nigerian currency picked up and surged against the US dollar in the official window on Wednesday, July 9, 2025.
The local currency strengthened further in the currency market to close at N1,520 per dollar, supported by increased US dollar liquidity, with trades ranging from N1,520 and N1,530 per dollar.
According to market data, market confidence surged in the currency market as findings showed that Nigeria’s external reserves regained their momentum.
Source: Legit.ng
