- The naira has maintained its steady performance in both the official and informal foreign exchange markets.
- The most recent exchange rate represents the highest point in 2025, backed by higher liquidity that has contributed to a decrease in speculative behavior.
- There is further positive news as the Central Bank of Nigeria (CBN) now possesses greater resources to protect the naira from rising demand pressures.
A journalist from peoples.ng, Dave Ibemere, possesses more than ten years of expertise in business reporting, along with a thorough understanding of the Nigerian economy, stock market, and overall financial trends.
The Nigerian currency maintained its upward trend relative to the US dollar in the Nigerian Foreign Exchange Market (NAFEM).
According to the Central Bank of Nigeria, the naira’s value increased to N1,475 per dollar on Tuesday, September 30.
The exchange rate on Tuesday is N1, representing a 0.06% increase from the N1480 closing rate on Monday, September 29.
Naira gains value compared to other currencies
Naira also strengthens against the naira, as well as the British pound and the euro.
It reached N1,979 per pound sterling, a decrease from N1,985.39/£1 noted in the prior session, indicating better liquidity and lower speculative trading in the market.
The Nigerian currency also appreciated versus the euro, ending at N1,729.50 per €1, compared to N1,733.68 per €1.
Experts link the increase to continuous efforts by the CBN to stabilize the naira, backed by consistent foreign exchange inflows and rising external reserves.
In the parallel market, the naira was traded for the US dollar at N1,490 per dollar, whereas GTBank offered it at N1,485 per dollar on Monday.
Experts cite the recent rise in the naira as due to better liquidity in the foreign exchange market, increased foreign reserves, and a reduction in speculative activities, mainly because of the CBN’s reform initiatives, according to BusinessDay.
Positive performance of naira
Professionals believe these elements have contributed to increasing market trust and ensuring temporary stability amid underlying issues.
The naira is projected to fluctuate within a tight band of N1,480 per dollar to N1,490 per dollar this week.
Analysts from Coronation Merchant Bank stated:
Short-term moderate appreciation of the naira is expected, driven by ongoing foreign portfolio investments and interventions by the CBN in the market.
In the future, the longevity of the naira’s improvements will rely on the CBN’s capacity to continue its measures and draw in foreign currency from important channels such as oil sales, remittances from abroad, and international investment funds.
Specialist forecasts updated currency exchange rates
Earlier,the peoples.ngnoted that Bismark Rewane, Chief Executive Officer of Financial Derivatives Company Limited, has provided his prediction for the naira by the end of 2025.
He predicted that the naira will end at N1,492 per dollar in 2025.
He stated that the optimistic perspective is fueled by the domestication of corporate debt, inflows from the diaspora, and remittances, along with a potential Eurobond issue.
He observed that these elements are anticipated to increase the availability of dollars and ease strain on the currency exchange rate.
The Central Bank of Nigeria has maintained support for the naira through significant foreign exchange sales, and experts anticipate continued stability for the currency.
