Naira appreciates against Dollar, closes October strong

The Naira posted a strong month-on-month gain against the United States Dollar, closing October on a positive note, according to fresh data from the Central Bank of Nigeria (CBN).

Figures from the apex bank show that the local currency appreciated to ₦1,421.73 per dollar on October 31, up from ₦1,455.23 recorded at the beginning of the month.

This represents a ₦33.50 or 2.30% appreciation, marking one of the steepest monthly gains since the introduction of the **Electronic Foreign Exchange Matching System (EFEMS)** by the CBN last year.

At the parallel (black) market, however, the Naira traded relatively stable at around ₦1,485/$ during the same period.

The sustained uptrend in the official FX market coincides with a steady rise in Nigeria’s external reserves, which grew by 1.79% to $43.17 billion as of October 30, 2025, from $42.41 billion recorded on October 2.