The Nigerian naira has strengthened to N1,527 per US dollar in the parallel market, marking its highest level in over a month.
This represents a notable improvement from Friday’s closing rate of N1,530.96 per dollar.
According to data, the naira’s current performance is its best since July 25, 2025, when it settled at N1,520 per dollar.
The naira’s appreciation can be attributed to sustained increases in liquidity and external reserves.
Nigeria’s foreign reserves rose by 0.09% to $41.5 billion on September 3, 2025, according to the Central Bank of Nigeria (CBN).
This stability in external reserves movement, coupled with a marked deceleration in inflation rate, offers renewed hope for the country’s economic prospects.
Persecondnews reports that the official market, the naira also posted improvements earlier in the week.
It traded at N1,525.45 per dollar on Tuesday, September 2, strengthened further to N1,522 per dollar on Wednesday, September 3, and appreciated to N1,511.5 per dollar on Thursday, September 4.
This narrowing of the gap between the official and parallel market windows is a positive development for the economy.
The CBN had projected a 3.1% depreciation of the naira against the US dollar in 2025, but at a stronger level than previously forecast.
OThe bank expects the naira to close 2025 at N1,585.5 per dollar, compared to its earlier forecast of N1,697.5 per dollar.
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