Naira Gains N224 as GTBank, UBA Slash Dollar Rates, Strongest Level Since EFEMS Launch
- The Nigerian currency, the naira, has continued to appreciate in the official and parallel markets
- Data from the Nigerian Foreign Exchange Market (NFEM) shows that the naira appreciated for three days in a row
- Experts predicted that the naira will hit N1,400 per dollar before the end of this year
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian currency, the naira, has continued its strong performance, appreciating both in the official and parallel foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) shows that the naira has gained steadily for three consecutive days, reaching its strongest level since the Central Bank of Nigeria (CBN) launched the Electronic Foreign Exchange Matching System (EFEMS).
Source: Getty Images
At the close of trading on Thursday, October 30, 2025, the naira appreciated to N1,436.97 per dollar, up from N1,444.42 recorded a day earlier, a 0.52% daily gain.
Analysts’ projections come true
Analysts had predicted that the naira could appreciate to between N1,400 and N1,450 per dollar before the end of 2025, and the current trend appears to validate that outlook.
The recent rate marks the third consecutive day of appreciation, with the naira climbing from N1,475 on October 17, 2025, to its current level. This represents an overall gain of N224.15 or 15.59% compared to N1,661.12 per dollar quoted in December 2024 at the NFEM.
In the parallel market, the naira also strengthened, appreciating by N20 (1.4%) to close at N1,460 per dollar on Thursday, compared to N1,480 the previous day.
GTBank, UBA slash dollar rates on naira cards
Commercial banks have adjusted their dollar exchange rates for international transactions on naira cards, reflecting the local currency’s improved strength.
According to a report by BusinessDay, Guaranty Trust Bank (GTBank) quoted an exchange rate of N1,452 per dollar on Thursday, down from N1,460 the previous day.
The bank also maintained a quarterly spending limit of $4,000 for international transactions, noting that rates may vary with market conditions.
Similarly, United Bank for Africa (UBA) informed customers that its naira card FX rate stood at N1,460 per dollar, valid until October 30, 2025, and updated regularly to align with market movements.
CBN attributes naira’s gains to market reforms
The Central Bank of Nigeria (CBN) has credited the naira’s recovery to ongoing foreign exchange reforms and tighter regulation of speculative activities.
Mohammad Sani Abdullahi, CBN’s Deputy Governor for Economic Policy, highlighted these efforts during the IMF/World Bank annual meetings in Washington D.C.
He explained that the apex bank had introduced an FX Code of Conduct and was working on a revised FX manual to ensure transparency and best practices in the market.
“Over the last two years, we’ve focused on improving FX flows into the economy, and we’ve seen a significant increase,” Abdullahi said.
He noted that between January 2023 and July 2025, average net FX flows doubled, while supply at the official window improved through order-based quotation, remittance reforms, and clearing of backlogs.
Abdullahi added that capital inflows, which had plunged by over 75% between 2019 and 2020, have rebounded strongly, helping to shore up Nigeria’s external reserves.
Source: Getty Images
“We now have deeper, more functional, and transparent financial markets,” he stated.
Dollar crashes massively in forex markets
Legit.ng earlier reported that the Nigerian currency recorded its highest gain in over 20 days against the US dollar.
The naira beat steep predictions, especially from the African Development Bank (AfDB), to emerge stronger in the foreign exchange markets.
According to data released by the Central Bank of Nigeria (CBN) on Wednesday, June 4, 2025, the naira recorded the highest appreciation in over 20 days.
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Source: Legit.ng
