Naira Strengthens for Third Consecutive Day as External Reserves Peak at $43.11 Billion

The Naira marked its third consecutive day of appreciation against the United States dollar in the official foreign exchange market, coinciding with a rise in the nation’s external reserves, which hit a new high of $43.11 billion as of Tuesday, October 28, 2025.

Data released by the Central Bank of Nigeria (CBN) showed the official exchange rate for the Naira strengthened to N1,444.42 per dollar on Wednesday, improving by N3.78 from its previous rate of N1,448.2050. This recent upward trend means the Naira has gained a total of N13.53 over the last three days, compared to the N1,457.9571 rate recorded on Friday, October 24, 2025.

In contrast, the currency’s value in the parallel (black) market remained relatively stable on Wednesday, trading between N1,485 and N1,495 per dollar, according to reports from Bureau De Change operators in Abuja’s Wuse Zone 4.

The positive movement in the official exchange rate is happening amid the continued surge in the country’s external reserves.