The naira surged to its strongest level in months—trading at N1,497 per dollar in the official market—while improved foreign reserves and FX inflows also fueled appreciation in the black market.
The naira strengthened to its strongest level in several months, trading at ₦1,497 per US dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), driven by rising foreign reserves and increased dollar inflows. According to the Central Bank of Nigeria’s (CBN) FX update for Monday, September 8, 2025, the official exchange rate closed at ₦1,506.08 per dollar, with intra-day lows reaching ₦1,497.00 and highs near ₦1,509.50 . The rally was buoyed by a robust increase in Nigeria’s external reserves, which reached $41.571 billion—a daily gain of $33.27 million .
Analysts noted that the combination of stronger FX inflows—stemming from oil receipts and private-sector participation—and easing demand pressures has restored market confidence. “Rising reserves and improved FX inflows are restoring confidence,” said Lagos-based financial analyst Osas Igho, adding that the naira may continue trading below earlier projections if momentum holds into the last quarter . In the parallel (black) market, the naira also appreciated, closing at around ₦1,525 per dollar on September 9 . Global oil price gains further underpinned the currency’s strength .