On Wednesday, September 10th, 2025, the Naira continued its upward movement, recording its third consecutive appreciation against the United States dollar at the official foreign exchange market.
This positive development has been seen as a welcome relief by market watchers and stakeholders who have been closely monitoring the currency’s performance.
According to data released by the Central Bank of Nigeria, the Naira strengthened further to close at N1,500.92 per dollar, compared to the N1,506.09 recorded on Tuesday, 9th September 2025, Daily Post reported.
This improvement means that the local currency gained N5.17 within just twenty-four hours, signaling a relatively strong performance over the short term.
In the parallel market, also known as the black market, the Naira held steady at N1,530 per dollar on Wednesday. This stability has been consistent since the beginning of the week, showing no significant fluctuations and suggesting that traders and buyers are gradually adjusting to the ongoing market trend.
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Financial experts have noted that this marks the third time the Naira has traded impressively within the week, having gained a cumulative total of N5.92 between Monday and Wednesday.
They attribute this progress to the continued surge in Nigeria’s external reserves, which recently climbed to $41.596 billion as of September 9, 2025.
This build-up in reserves has provided the Central Bank with greater confidence and resources to intervene in the market when necessary, thereby boosting investor sentiment.
Observers believe that the Naira’s recent strength could also be linked to sustained government efforts to stabilize the economy, improve liquidity, and ensure that both local and foreign investors retain confidence in Nigeria’s financial system.
While it remains to be seen how long this positive momentum will last, the trend is currently viewed as a promising sign of resilience for the nation’s economy.
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Image Credit: Quartz Media Network
