The Naira records remarkable month-on-month appreciation against the US Dollar, ending October on a strong and optimistic note.
The Central Bank of Nigeria’s latest figures reveal a strong rebound for the Naira, which appreciated to N1,421.73 per dollar as of October 31, rising from N1,455.23 at the beginning of the month. This marks a N33.50 gain — a 2.30% month-on-month appreciation, one of the most notable improvements since the CBN rolled out the Electronic Foreign Exchange Matching System (EFEMS) last year.
Meanwhile, in the parallel market, the Naira held steady at ₦1,485 to the dollar during the review period.
This upward trajectory at the official foreign exchange window comes amid continued growth in Nigeria’s external reserves, providing further support for the currency’s stability and recovery momentum.
Nigeria’s external reserves climbed by 1.79% to $43.17 billion as of October 30, 2025, rising from $42.41 billion recorded on October 2, according to data from the Central Bank.