Naira on Friday, appreciated to ₦1,421 per dollar at the official Nigerian Foreign Exchange Market (NFEM), marking its strongest performance so far in 2025.
Gatekeepers News reports that data from FMDQ Securities Exchange showed the local currency gained ₦15.23, or 1.04 percent, from ₦1,436/$ recorded on October 30. The appreciation extends a weeklong rally that has seen the naira strengthen steadily against the U.S. dollar.
At the parallel market, traders reported a similar improvement, with the naira exchanging between ₦1,490 and ₦1,450 per dollar throughout the week — reflecting growing stability in the forex market.
Economic analysts attributed the local currency’s rebound to a mix of Central Bank of Nigeria (CBN) reforms, rising oil revenues, and renewed investor confidence.
According to Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, the positive response to the CBN’s policy reforms, the return of foreign portfolio investors, and improved oil production volumes have provided significant support to the naira.
Olubunmi added that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list in October has further encouraged inflows and boosted market optimism.
Similarly, Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), noted that the appreciation also reflects reduced speculative activity and import demand.
He noted that the ongoing decline in petroleum product imports, coupled with tighter regulatory measures introduced by the CBN, has eased pressure on the FX market and strengthened transparency.
