The naira appreciated by over N20 against the dollar after the Independence holiday, driven by rising reserves and market optimism.
The naira gained significantly against the United States dollar at the official foreign exchange market following Nigeria’s Independence Anniversary holiday.
Data from the Central Bank of Nigeria (CBN) revealed that the currency closed at N1,455.24 per dollar on Thursday, compared to N1,475.35 on Tuesday, marking an appreciation of N20.11. In the parallel market, the naira also strengthened, moving from N1,490 on Tuesday to N1,485 on Thursday, narrowing the gap between both markets.
Analysts noted that the positive trend coincided with an increase in Nigeria’s external reserves, which climbed to $42.33 billion as of September 29, 2025. The development has been viewed as a boost to market confidence.
During his Independence Day address, President Bola Ahmed Tinubu highlighted the currency’s recent stability. “The naira has stabilised,” Tinubu said, stressing that the exchange rate is no longer dictated by crude oil price fluctuations.