As of October 7, 2025, the Nigerian naira has strengthened to around ₦1,480 per US dollar in the parallel market, up from ₦1,490 over the weekend. This is a significant improvement from last week’s rate of ₦1,520 per dollar.

In the official Nigerian Foreign Exchange Market (NFEM), the naira also gained, rising to ₦1,464 per dollar on Monday, up ₦5 from the previous week’s ₦1,469.

Analysts attribute the naira’s recent appreciation to increased foreign exchange inflows, a higher supply of dollars, and ongoing interventions by the Central Bank of Nigeria, including liquidity operations and its matching platform. Global factors, including a strong U.S. dollar and mixed investor sentiment, have also influenced currency movements.

The upward trend brings some relief to businesses, importers, and consumers navigating Nigeria’s persistent currency fluctuations.