Naira Exchange Rate Rises by N10 Against US Dollar
- The Nigerian currency closed last week on a positive note in the official foreign exchange market
- Checks show that over five trading days, the naira appreciated by N10 in the CBN approved Foreign Exchange Market
- Experts expect further improvement in the naira’s value due to strong external reserves and increased dollar inflows
Legit.ng journalist Dave Ibemere has over a decade of experience in business reporting, with extensive knowledge of the Nigerian economy, financial markets, and industry trends.
The value of the naira has appreciated by N10.50 after one week of trading in the Nigerian Foreign Exchange Market (NFEM) as liquidity continues to improve.
According to the Central Bank of Nigeria, the naira closed Friday, October 10, at N1,455.17 per US dollar.
Source: Getty Images
Friday's exchange rate represents a 0.7% or N10 gain from the N1,465.67 recorded the previous Friday.
The naira also appreciated by N11.48 or 0.78%, strengthening from N1,466.65 on Thursday to N1,455.17 on Friday.
In five trading days, the naira gained N15.09 or 1.04%, from Monday’s rate of N1,470.26 to close the week at N1,455.17 per dollar.
On Wednesday, October 8, 2025, the naira gained N3 to close at N1,469 per dollar from N1,471. On Thursday, October 9, 2025, it gained N5, closing at N1,464. On Friday, October 10, 2025, it rallied, gaining N7 against the US dollar.
Naira vs other currencies: latest exchange rates by CBN
- CFA: N2.58
- Yuan/Renminbi: N204.28
- Danish Krone: N225.38
- Euro: N1,683.20
- Yen: N9.53
- Riyal: N387.95
- South African Rand: N84.39
- Swiss Franc: N1,806.77
- Pounds Sterling: N1,932.18
- US Dollar: N1,455.17
Naira at the black market
However, the naira showed a different trend in the parallel market, commonly referred to as the black market.
Checks by Legit.ng showed that the naira depreciated by 0.5% to close at N1,492 per dollar on Friday, compared to N1,485 the previous day.
Musa, a BDC trader, said:
"At the start of the week, the market was slow, but it picked up from Wednesday. As demand increased, the exchange rate adjusted.
"Next week, I expect a similar price movement, with the dollar possibly rising to a selling rate of N1,500 again."
Source: UGC
External reserves movement
Analysts attribute the naira’s appreciation in the official market to stronger external reserves and improved foreign exchange liquidity.
Latest data from the CBN shows that the country’s external reserves rose to $42.57 billion as of October 9, 2025.
A report by FBNQuest confirmed this upward trend, noting that gross official reserves increased by nearly $1.1 billion to $42.4 billion at the end of September 2025.
Nigeria’s reserves have been rising steadily since May 2025. As of the end of September, the reserves were sufficient to cover 13.2 months of merchandise imports and 12 months including services, based on balance of payments data.
Customs rate improves
Earlier, Legit.ng reported that the CBN has released a new exchange rate for cargo clearance at Nigeria’s air and seaports.
The new Customs exchange rate comes as the Nigerian currency, the naira, has maintained its strong position in the foreign exchange market, gaining N12 in three days.
The CBN sets the Customs exchange rate to align with the prevailing market rate,
Source: Legit.ng
