Naira Continues to Appreciate as External Reserves Grow

The Naira has maintained its positive momentum against the US dollar in the foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira's value rose slightly on Tuesday, strengthening to ₦1,526.06 per dollar from ₦1,526.09 the previous day. This small but consistent gain signals a positive trend for the Nigerian currency.

Meanwhile, the exchange rate in the black market remained stable at ₦1,533 per dollar, holding steady since the previous day. This stability in both the official and parallel markets indicates that efforts to curb speculative activities may be yielding results. Presidential spokesperson Bayo Onanuga commented on the development, stating that the dollar is "no longer a king to the naira," a sentiment that reflects the growing optimism surrounding the currency's performance.

This appreciation is supported by a continuous increase in Nigeria's external reserves, which stood at $41.42 billion as of September 1, 2025. This marks a notable rise from $41.22 billion just a few days earlier, indicating a strengthening of the country's economic position and its capacity to manage foreign exchange demands.