Naira Gains Strongly Against Dollar After Independence Holiday

The naira recorded a significant gain against the United States dollar at Nigeria’s official foreign exchange market following the Independence Day holiday on Thursday. Data from the Central Bank of Nigeria showed that the currency strengthened to N1,455.24 per dollar, up from N1,475.35 on Tuesday, marking a N20.11 appreciation.

At the black market, the naira also firmed, rising by N5 to N1,485 from N1,490 on Tuesday. Analysts say the gains reflect positive sentiment across foreign exchange markets and a continued narrowing of the gap between official and parallel rates.

The strengthening of the naira comes as Nigeria’s external reserves hit $42.33 billion as of September 29, 2025. During his Independence Anniversary broadcast, President Bola Ahmed Tinubu highlighted the currency’s stabilization, noting that the naira’s exchange rate is no longer tied directly to crude oil price fluctuations.