The naira continued its strong performance across both the official and parallel foreign exchange markets on Wednesday, September 10, reaching its highest level in seven months against the US dollar.
Official Market Performance
According to the latest data from the Central Bank of Nigeria (CBN), the naira appreciated by 0.33% at the Nigerian Foreign Exchange Market (NAFEM), closing at ₦1,501.29 per dollar, compared to ₦1,506.21 the previous day.
This marks the first time since February 2025—seven months ago—that the naira has traded at this level in the official market.
Naira Gains Against Pound and Euro
The local currency also strengthened against the British pound sterling and the euro.
The naira advanced by ₦3.85 against the pound, closing at ₦2,034.79/£1 from ₦2,038.64/£1.
Against the euro, it gained ₦6, settling at ₦1,759.37/€1 compared to ₦1,765.73/€1.
Snapshot of Other Exchange Rates
CFA: ₦2.70
Chinese Yuan: ₦210.75
Danish Krona: ₦235.64
Euro: ₦1,759.37
Japanese Yen: ₦10.18
Saudi Riyal: ₦400.05
South African Rand: ₦85.67
SDR: ₦2,061.66
Swiss Franc: ₦1,883.44
Pounds Sterling: ₦2,034.79
US Dollar: ₦1,500.92
Black Market Performance
In the parallel (black) market, the naira also appreciated slightly against the US dollar. Traders quoted ₦1,533/$1, compared to ₦1,535/$1 the previous day. However, there was no change in rates for the euro (₦1,783/€1) and the pound sterling (₦2,080/£1).
A trader, Abdullahi, expressed surprise at the currency’s resilience, saying:
“The naira has performed better than many expected, especially with recent improvements in dollar supply.”
CBN Policy Committee Meeting Ahead
The CBN’s Monetary Policy Committee (MPC) is scheduled to hold its 302nd meeting from Monday, September 22 to Tuesday, September 23, 2025. The meeting is expected to focus on naira performance, inflation rates, and possible interest rate adjustments.
External Reserves Improve
Meanwhile, Nigeria’s external reserves recorded an increase of $173.88 million (+0.47%), rising to $37.36 billion. This rebound reverses last week’s decline of $138.3 million and is expected to bolster the CBN’s efforts to defend the naira through targeted foreign exchange interventions.
